Smokey

I really dought it getting enough oil though the valve guides to make it smoke really bad. unless the oil return is stoped up wich I believe are the holes the push rods are though so I don't think that very likely. But I'm wrong about as much as right so other opinions would be good lol.

Id say yall need new piston rings an possibly all new pistons an liners

Is it gas smoke or oil smoke. If it is oil smoke read your spark plugs to tell which cylinder. If it is gas smoke check the needle valve settings, carberator float valve, float level.

Pulling each Spark Plug can give you an pretty good indication on what's taking place inside the engine. If 3 out of the four plugs are just sooty or clean and one is oily, which ever cylinder that oily plug came out of is your problem child. Could be a valve guide, or could be a ring issue in that hole. If there's oil seeping out around the manifold area, the problem hole is probably that one. The problem with taking a chance on doing the top end is, you don't know how good the bottom end is to hold compression. That's a 50/50 chance there. If its pretty dirty or murky in the top of the engine, and the oil is pretty dirty, chances are that engine wasn't taken care of well and could be pretty worn both top and bottom. You mentioned the smoke disappears when you work it, and smokes when idling. That to me sounds like the guides are worn like your thinking. Tough call on that one....
Steve@B&B  

My dad says check your valve clearance, you can also get a air hold and take the intake and put new valve guide seals in it. First you set the valves and run it hard. You can also take the air cleaner off and make sure there's no mud dobbers in it. After doing all this and you still have smoke take the air cleaner off it, get you some Bon amme and run that through your hands and let it get sucked into the engine. Sometimes when engines idle a lot they get a glaze on the cylinder walls and rings will not seat, causing blowby and oil consumption. The Bon amme is a soap product, will score the cylinder walls, and cause the rings to seat again. This only works on engines with out turbo. It has worked for us, mainly on caterpillar dieasles.

Bon ami( mis-spelled it in the first post) will fix that and you won't need to go through the engine. Put it in the intake when the motor is running at half throttle, right at the carbuator, not the air cleaner. It is a soap product, will cause the rings to seat, and stop the oil consumption if the cylinder is glazed, and it will not harm the motor. I've done this to caterpillar D7- 3ts and it has cured them. It will save u a tear down. But there is a big difference between a B and a D7-3t on rebuild price.

Thanks Dick.  I was hoping you'd chime in.  I'll keep at it.  

Thanks Dick.  That sounds like good news.  I'll be patient and let the zmax do it's job.  I'll keep you updated. 

Dad has talked about Bon Ami but I have never tried it. He says it works. But your compression is good and oil pressure is good. It's not uncommon for engines to smoke after they have been sitting for a while I would keep running it. Run sea foam in the gas and oil treatment and I bet it will clear up. Best thing to do is put it on a brush hog or something that will get it warm and work it.