Maybe I missed it cuz I ran thru this one pretty quick...but the only mention of a rebuild
that you posted was the "Crank was serviced with five qts. of Brad Penn break-in oil plus
one for the 1 qt. filter."
In other words, did the shop do a complete overhaul, like bore job, new pistons complete valve
job on head. If they simply lapped in the old valves to seal them and just roughed up the
cylinders and fitted new rings to the old pistons, then it wouldn't surprise me that it's smoking.
DG