Smoking is not good...did you hone the cylinders for your new rings? I rebuilt the top end if my bike 2 winters ago and it turned out well. It was dead and I figured I had nothing to lose by trying.....honed it, new rings and a lapping job on the valves....oh yeah and mine has 5 valves per cyl with shims...lots of fun, glad I gave myself a lot of time to do that job...I am no pro.
Your bike looks nice, when you buy a dead bike it is uncertain how long it may take to make it right. It was so nice yesterday, I know what it is like to have a dead bike and nice weather.....