OK, so here's what I've done
Got the carbs sorted out, cleaned all the jets out, soaked overnight in solvent. Floats set, idle mixture screws set, bench synched
Engine came with a rebuilt head, valves have been addressed
cam chain/tensioner checked out ok as well as chain.
Reassembled it as is, only took a couple hours, valves adjusted.
I fired it up and it started up with choke on, and it blows white smoke. 1, 3, 4 cylinders heat up evenly, 2 is cold and stays cold. Cuts out on quick throttle, idle at 1900 RPM. Choke off is the same condition
The smoke looks like oil smoke, not water vapor. Continues with added throttle, no. 2 no smoke.
I shut it down and see oil dripping off the bottom overflow fitting of carb no. 2 I imagine this is not a good thing.
I pull the plugs and they all look pretty normal? No indication of oil burning, they all look tan, except for no. 2 which has no oil on it and looks new.
All four leads have spark, plugs are new NGK
So I'm off to the store to buy a compression tester, but in all likelyhood, I'm looking at rings here, right?