Sounds like a small gasket leak for sure, which is the beginning of the gasket failing. The longer you drive, the more pressure (typically from a break between the combustion chamber and the cooling ports) is building up in the cooling system, giving you bubbles at first and push out of the overflow later. I drove mine like this forever before finally doing the whole thing -- I was in denial until it got steadily worse!
I never saw smoke, never had any real issue with running poorly - though it did feel sluggish, just the bubbles and the occasional overheat due to lack of coolant. This was what my gasket looked like when I removed it:
At this age, the failure seems like a feature, not a bug. If you fix the gasket, make sure to reference the site for all the other things that need repair to keep the cooling system in top shape.