1. What is coolant level like- right now?
2. Have you changed the oil since this:
The thread has probably become too long to follow, but a lot of the info is there: smoke appears to be from oil, carb is rebuilt,new plugs/coil/dist cap/ wires/rotor. 1st oil change had a lot of water in oil, second one a bit less.
edit- I don't mean that you need to change the oil, but it would be good to know if any more water was in there.
3. Have you ran the engine at all since the new rings were installed?
Brad