Norwiscutter,
If the discoloration is blue or bluish grey, you can safely ignore it. This discoloration has almost zero effect on the strength of the wood and it will stop advancing once the wood is dry. If the discoloration is brown, then you have deterioration and should use it only for places where structural strength is not as important. Parts of the log without discoloration will retain their strength when dried. Red pine will get blue stain in it within weeks of being cut if not sawed up quickly in summer, and will start to decay within a year or two. White pine will discolor, but it takes a bit longer for it to decay. Jack pine is between the 2, I think.
If the white mold is on the end or outside of the log, it just signals that you need to take care of the log soon. If it shows inside the log as you cut, the log has serious problems and you may have trouble finding a use for that wood as it will be very weak.
I'd probably do a scientific test, saw out a 2X6X8 and supprot one end. Then walk up the board to the middle. If it didn't break, you have a strong one. Beware of knots in the board though. Knots weaken the board and may give a false sense of the strength of the lumber.