The smoking sounds like valve guides worn. Put some umbrella (**** ) style seals, on the valves to help stop that problem. If you ever do another ring job, use only plain steel rings. I know everyone has an idea about that, but I never had a motor use oil, that had them in it. I use them in my racing motors and run them full rpms, after about 20 minutes breakin time. There is an old time remedy to seat the rings, but I won't suggest it until you do the valve seals, first.
