Mine smokes on start up and it uses a little oil going down the road. About a quart every 1000 miles. You have a lot of carburation on yours. Mine is fuel injected with a 3 port injector, each port flows 850 cfm of air. I have 2 of the ports blocked off so it is only using 850 cfm on 388 cu. in. Mine motor is set up with a lot of clearance, I have always attributed that to the oil usage.
Ken