Starting to sound like valve guide seals. How many miles on the engine?
Have you done a compression check? Wet/dry?
I have a theory that the 77- 78K models with their unique carbs and exhaust, and being the early emission test mules, ran hotter than the earlier models and cooked their valve guide seals faster because of it.
My 78 K smokes, too. I bought the guide seals but haven't put them in yet. This bike has a very questionable maintenence and care history, too. So, I could be living on hope, I suppose.
Cheers,