If you were blowing a lot of smoke from your exhaust I would think that a teardown might be a good idea. I would think that valve or ring wear would have to be so bad to cause what you describe that the bike would run very poorly and foul plugs in very short order.
Smoke from the rocker breather could just be contaminated oil or semi dried oil burning off if the bike is not used for long periods. It gets pretty hot in the rocker area and anything that is not clean free-flowing oil, which is constantly refreshed, will start to smoke. If any water or moisture gets in there it can turn the oil to sludge and you will smoke quite a bit.
Oil level should be checked after several minutes of running the motor. Shut off the bike and put it on the centerstand before checking measure stick. When the bike sits for a while oil can drain from the tank into the engine giving the appearance that oil level is low. If you were to fill the oil on a "cold" bike, chances are you will overfill it. Too much oil and it will spit out the breather as medic points out.
If you have not personally changed the oil and filter on the bike then I would definitely do that first before considering tearing the engine down. Take it for a good 10-20Km ride to get things good and hot, then change oil and filter and ride a bit more. Or, if you are absolutely sure that the oil level is fine and the oil is clean and uncontaminated then take it for a good long ride as it might just be blowing smoke 'cause it's peeved for being made to sit unused for a long period.