I got back on this yesterday. I did the compression test. Roughly 125 across all 4 cylinders. Pretty low, spec is 170 +/-14psi. One comment on that, I warned the motor up but not as much as I probably should have. My space is indoors without proper ventilation so asphyxiating myself was not on the agenda. The good news is, the smoke seems to have diminished greatly. I used a good bit of grease to pack my bowl gaskets in place and a nice coating of oil on all the o-rings and rubber diaphragms so I'm hoping that was the issue.
I double checked spark, that checked out.
Then I decided to check out the timing. That led to a world of pain. None of the cover screws would budge, I hit them with blaster, heated them, and the impact just ripped them to shreds. Out came the drill and the extractor. Here's where I did something dumb. I chose the #2 extractor. I've always used the #3 on screws this size but for whatever reason I picked up the smaller one and chose the 7/64 drill bit. Of course I broke the extractor off in the screw head. I got the other two out with the #3 then rotated the cover enough to loosen it up and worked it out with a center punch. Once that drama was over the timing was a piece of cake, it was retarded by 5 - 7 degrees. I hope that and the inevitable valve adjustment do the trick.
No work on the bikes today, I'm building control pendants for airline ground traffic control devices. Variety, it's kinda spicy.