$200 for a throwaway motor, he saw you coming!
Sorry but it's true
The rebuild will stop it smoking, provided as Tibbo said, you do the thing properly.
Bore, deck, grind and balance the crank. Face the head, even if you don't port it.
That'll fix it.
Proud TQE Operator and President of SEFAG - the Society for the Elimination of Ford Automatic Gearboxes
Pacemaker headers + 2.5" exhaust
EF Fairmont interior
Lowered King springs
5 speed manual
Newest mod: EF Ghia wiring loom and dash