sounds about the same as mine! Does it use any oil? i.e. do you have to keep the oil topped up?
Mine is burning oil, hence the smoke, but not so much that I too concerned - YET!
I'm guessing valve stem oil seals, very cheap items, but very expensive in labour - or so I'm led to believe. I'm sure someone else will no more (rubjonny???)
Mine runs OK, pulls well so I'll leave her be for now!