when you said the engine labored and ran hot before the distributor was reset, i'd take an educated guess and say the ignition timing was way retarded. this will cause a high cylinder temperature and a high exhaust temperature. i would take a good look at the valves, they prolly got overheated and its leaking oil down past the valve guides. may be just needs seals. it smokes now because the lower cylinder temp is not burning all the oil and you are getting smoke. run a compression test dry on all the cyinders, spark plugs out, throttle wide open. write the numbers down. squirt a couple pumps of oil from an oil can in each cylinder and retest. if the compression comes up 20-30 more pounds, your rings are worn, if not, its the valves.
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