Smoking & Carbon Buildup
Hi Klaus ;
What color smoke ? . blue I assume as that's oil smoke .
Before you do anything else , one last time , re check and adjust the valves with the engine
stone cold , then re check the points gap / dwell to .016" / 33° , if you use a dwell meter , leave the spark plugs out and set the dwell as the engine is cranking , as it is much more accurate that way .
Then , re gap the spark plugs to .035" using a wire gauge and re install them , set the timing dead bang Ball On Pointer with NO vacuum signal at the dist. , 600 RPM's or less . you can set the timing static by leaving the spark plugs out and turning the engine by hand & using a test light ,I had to do this to my current 250 CID to get it running right .
I know , I know , you did it before but you ask and this is how I manage to drive the sorriest junkers you ever saw , all across America , no problems .
All nice & idling sweetly but smoky ? .
O.K. , get a hand sprayer bottle & fill it with clean water , run the engine a bit until it's fully warmed up (a 30 minute drive is best) , remove the air cleaner and hold the throttle open for as fast an idle as you can stand and begin spraying a water mist into the open carby ~ the engine will begin to skip and miss , don't let the throttle close nor allow the engine to stall out , stop spraying in water if you think it's going to stall , give it more throttle whatever it takes to keep it running , as soon as it clears out and begins to race again , spray more water in ~ the mist will flash to steam as soon as it enters the hot combustion chamber , this steam blows the carbon right off and it comes out the exhaust so so panic from the choking clouds of smoke you'll see .
Keep at it a while .
DO NOT allow any well meaning boobs to talk you into pouring water into the carby from a cup or bottle !

a spray mist is important to prevent internal engine damage .
I assume this smoking is under throttle , not when you let off ? .
The black sparkplugs tell you the float tang needs adjusting a *tiny* bit to lower the float .
Don't worry about the compression , the head may have been planed or skimmed & this raises the compression a lot .
Give this all a try , in the correct order , then drive it a bit , might take a few miles to get all the carbon out .
If it smokes upon initial startup and trailing throttle , it's the valve guides .
if it smokes when you're accelerating , it's the rings & pistons , easy to fix either way . as you say it runs well otherwise meaning the engine isn't damaged .
I hope this helps .