Some "new" points come with a coating(to prevent corrosion during shipping) Not helpful if not removed. Good find. Smoking a bit with engine sitting for a long time is Not a big deal. Let the rings get happy in the piston grooves and re-seat in the cylinder. Some folks add Marvel Mystery Oil to the oil, and some use diesel mixed in the crankcase. Both will help "un-stick" the rings. But if you use diesel then only run at idle and drain after. New detergent oils are just fine. If it gets better, cool. If not, then look for blow by. You will see it if it is bad. If no blow by then drive until it needs a rebuild. If the oil pressure is good, and it still smokes, then you might get by with a re-ring job. Cheap and dirty fix. If the cylinders are not ridged at the top. If the cylinders are worn, well then you get to do it up right. Every inline 6 I have played with is one tough motor and will work for a long time.
