UPDATE: Opened up the head last summer and it turned out to be he valve stem seals. Thanks all for your efforts. Cheers!
I'm running valvoline 10w40 motorcycle oil. The #1 #2 and #4 spark plugs had slight black and crusty brown deposits on them. (#1 being the worst).
These were the warm compression test numbers. Ill try to see today what color the smoke is. 1 - 148 2 - 138 3 - 135 4 - 142
The engine oil level was above half of the sight glass before I noticed it smoking. As for the carb history the PO allegedly used a carb kit and...