Could definitely be any of the above. I think timing would be a great place to start. Someone could get 98% of the way thru rebuilding one of these without almost any engine-specific tools or methods but then still get hung up on setting cam and pump timing if they had never done it before and/or didn't have the right stuff.
How does it run? If smoke is coming from incorrect timing you will have other symptoms as well -- hard starting, stumbling, sluggishness, bad noises, etc. If smoke is coming from rings not seated, might have some of the above symptoms from low compression, and.or might also have high oil consumption.
If the engine starts easily, runs quiet and smooth and uses no oil yet is still smoky, then I think 745TG's call on an exhaust full of leftover oil from a previous motor fail sounds like a pretty good guess.
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