As Steve points out, there could be a number of things causing this.
I would get it warmed up then perform a leakdown test on it. If one of the rings got installed upside down that will cause it to smoke (but usually under acceleration/load) and the compression numbers would all still be pretty even.
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'72 Formula 400 Lucerne Blue, Blue Deluxe interior - My first car!
'73 Firebird 350/4-speed Black on Black, mix & match.
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