Alright guys, I think I have a problem. So im on the last leg of getting this thing completed and today I let it actually run for a few minutes and it started smoking

. I think I have a blown head gasket because from what I observed I think that there is oil getting into the exhaust. The bike has not ran this long in a long time.
Could it just be burning some old stuff out and if so how long would it take to burn the stuff out?
This is a 1974 cb750, If I wanted to buy another motor what other year motors could I use?