Came to same conclusion after changing all basic bits smoke is still there. I would not recommend buying a second hand engine as more likely it will have same issue as it is a common fault on them engines. Best to find good cheap garage and change piston rings.
Lets be fair when you type in white smoke in Google in reference to our problems it always comes back with loads of posts about worn piston rings.
My mechanic suggested that piston rings might be just stuck rather than worn so we poured some thinner into each cylinder for few hours and after that it started to smoke even more thinner dissolved old carbon deposits and now it takes even more oil. Long story short I will be striping my engine next week.
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