How is the oil consumption? Or is it making oil and now overfilled?
Be sure the oil is good, not fuel diluted, or overfull (it can also overfill from hydraulic oil if there is a gear driven pump, or the wrong dipstick). Oil dilution is usually an injector problem, pump seal leaking, or the lift pump leaking into the crankcase if equipped. There can be other internal fuel leaks depending on the design.
No load oil burning smoke is usually valve guides IF there is enough oil up top to run down the guides.
I assume this is not a turbo, but if it is the seal can be leaking.
Oil rings can be bad and still have good compression to start easy, but bad oil rings will cause oil consumption, and smoke worse under load. Bad rings are usually a gradual change, if this started suddenly without loss of compression or performance I would not suspect rings yet.
I'm only using generalizations, your engine may have a specific quirk that I am not familiar with, so maybe someone with direct experience will come in.
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Today's Featured Article - A 1937 John Deere Unstuck - by Gary Hickman. Here is my story of how I got the pistons out of a 1937 JD B that the engine had been stuck for about 14 years: About 12 years ago my Dad gave me one of the tractors I ran as I was growing up on our farm in central Nebraska. The engine on this tractor, a 1937 John Deere "B", had been stuck for 2 years before he gave it to me. This last spring (1999) I hauled the tractor to our 2 acre lot in St. Libory Nebraska where it joined my antique machinery collection, at that time a 1929 Caterpillar T
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