The "situation" that I referred-to regarding lifter design, and that truckolet quoted , is the information half-way down this page. That information is for mechanical lifters from earlier engines being used in the later engines. The lifters being put into the later engine in edski's scenario are hydraulic lifters.

Here is an earlier hydraulic lifter...ar ring) that is warned as being needed.

Most likely the lifters are not the cause of the smoking (from both engines)?

Tim
1954Advance-Design.com
1954 3106 Carryall Suburban
1954 3104 5-window pickup w/Hydra-Matic
The 216 and early 235 engines are not "splash oilers" -- this is a splash oiler.