The CT Shop wrote:
Pulled my first ever K1 (Bought in1975) out of the corner. It's been sitting for about four years. Put a battery in it and three kicks it started up only to remind me of how much it smokes. Pulled the head off and the cylinder looks good as it was bored maybe six hundred hard miles ago.
 Replaced the exhaust valve oil seal. Smoking is cut in half. Now only if I was ambitious I would replace the crank!! 
Does it knock ? .

Replacing the piston rings and doing the 60 second breakin should stop that smoking dead .