I'm new to motorcycles, but I have plenty exprience with cars. My neighbor gave me a 1977 cb550F that has been sitting for a few years. The motor turned over with the kick start. I did a compression test and everything looked good. I did a tune up and oil change on the bike. I was having trouble getting it started and after about 25 kicks(electric start button missing

) I decided to retest the compression. I removed all the spark plugs and started on cylinder 1. When I got to #3, a big drop of oil came out of #4 as I kicked it over. I didn't think much of it, becuase I had put some oil in it orginally during compression test. Needless to say, I found it to be condensors. I replaced this afternoon and the bike started right up. It smoked a good bit, thought it was from sitting. After a few minutes of running I noticed an oil drip coming from the collector on the 4-1 exhaust. I also noticed that the "smoke" was applying a nice coat of oil to my patio. I'm thinking valve seals, but I'm not sure. If anyone has any ideas, and how to go about checking them, I would greatly appreciate it.
I'm really looking forward to riding my new bike. My brother was so excited he's going to look at a 750 this weekend. All help will be appreciated. Thanks.