Its always worth checking that the oil isnt overfull,that the breathers arent blocked and that theres no water in the oil.All can cause heavy smoking.Check those first as it doesnt take long.
failing that,A compression test would give you more of a clue as to where the problem lies,But To be honest at that miles i wouldnt waste your time rebuilding a tired engine.It will be quicker and probably cheaper to stick a salvage engine in it.
It may be the valve stem seals but again at those miles it could be rings or bores worn.
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