The early 750s did not have seals on the exhaust guides. When the motor sits, oil can seep down a valve that's open into the combustion chamber, but when running and warmed up the oil from the guides is blown into the hot pipes, where it burns to produce less smoke. My K1 has always smoked a bit on start-up, even after replacing guides and intake seals.
To determine if intake seals are leaking, coast down-hill in gear for a distance with the throttle closed, then roll the throttle on; with the throttle closed, the intake valves will be opening into a vacuum, sucking the oil past the guide into the chamber, resulting in smoke.