Good find, fingers crossed.
Too much smoke? Is it HVCycle that has the tag line 'If it ain't smokin, it's broken"
Modern two stroke oils are much better than my memory tells me period oils were - for smoke if nothing else.
Let it run and get the exhaust hot, that should burn out the oil in the exhaust / mufflers, at least until the next time you turn the engine off.
Have fun with it.