Maybe you got a case of bad ring seal from a "driveway engine breakin"and the cylinder walls glazed? Maybe the oil rings were installed improperly?Generally the symptoms you describe are from loose guides, but the seals should mask the guide problem if there was one.However, rings can also cause smoke like that.Although the cranking compression is good, the rings can fail to seal properly when the engine is running. Excessive bearing clearances may throw too much oil on the cylinder walls for the rings to deal with, your oil pressure is ok, right?Are you pussy footing around with the new engine? Run it harder, see if the problem lessens.If all else fails,I recomend a Latino woman,good wine and a twister,things will be better in the morning.