[Rocketdog1]

OK - finally a bit of additional info:

Ran downtown today to grab a burger and pick-up a few things at the store, and she didn't seem to exhibit the smoking that I had observed before. Perhaps it was just some gunk in the works from the new exhaust system that I needed to burn out.

Upon returning home, I did a compression test and came up with the following:

60, 60, 58, 60 (warm engine, dry, throttle wide open, sea level, 8-10 revolutions)

Not great (I think), but at least consistent. I was going to perform a leak-down test as well, but I'm in need of one air hose fitting for my compressor, so that'll have to wait for another day.

I do have another question, kind of in the same vein. When I rev the engine up, think revving in second to get to third, there's a notable knock that develops. It only occurs at higher RPM's - but you can "feel" it as well as hear it, and adjusting the spark advance doesn't seem to make a difference. My first thought was perhaps I needed to check the clearance on the main bearings, especially since I have no history on this engine. Hell, maybe I should just take the damn thing out and go for the full rebuild. At least then I would know what I'm dealing with.

As always, your thoughts and input is greatly appreciated.

Bob