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As previous suggested . Do the MMO and a wet / dry compression check . If the smoke is from the crankcase and exhaust I would not give up till you've had many hot /cold cycles , maybe even with MMO in between.
I would suggest removing the intake and see how much sludge is in valley . If it's substantial, 3/4"or more I would say it could be at the end of its useful ring life . This is assuming you don't know the history or mileage on the motor .