[Dave in MN]

I have completed many leak-down tests; if the crankshaft rotates during a leak-down test, the piston/crank position was not at top dead center. From your compression tests and leak-down results along with you noticing smoke, I would only complete a valve job to eliminate the smoking. If you can check, try to move the valve around in the guide to see if there is noticeable movement. If so, new springs, guides, valves and seat machining should take care of your issues. I also suggest...Check your bearing clearances while you have the engine open.
Good Day!