Sounds like maybe a bad stator, but I am thinking you replaced it? Could be ignition coil I suppose?
As for the smoking, it may be valve stem seals, an/or valve guides going bad. An 85 XR6 I have smoked on startup all the time, and after running it really hard on a few day trip, it actually got a lot better (carbon buildup helped, maybe?). I recall reading to only use OEM seals, because other rubber from cheaper gasket sets doesn't hold up to the high heat from these engines.
Keep riding on!