What year is your 750? Have you tried turning the idle adjustment screw on your carbs to bring the idle down?
Putting oil in the cylinders will blow white smoke out the exhaust until the oil is burned away. Some oil can get blown into the exhaust and may take longer to burn off.
Since the bike has been sitting so long it is a good idea to go through all the maintenance steps (Valve gaps, timing,check plugs, carb clean, change oil, etc....) before trying to diagnose any problems that may, or may not, exist.