If it is smoking at start up, that is a sign of worn valve guides, which if I were you I would have replaced while I was working on it, along with a valve job.
Good luck!
I agree that the valve guides could be worn, and I'm seriously considering removing the head to inspect/replace them (if necessary) and lap the valves. Removing the head would also enable me to inspect the cylinders and clean out any carbon that has built up on the piston/head over time from the oil consumption.
After speaking with a local Massey Ferguson parts guy who is familiar with the Continental Z-145 engine, I learned that it may have valve seals afterall. He told me that if it has valve seals, they would be located just under the valve spring cap, which means they would not be clearly visible when looking through the valve spring.
Fortunately, the shop and owners manuals I ordered are at the post office waiting for me to go pick them up, so I should know much more shortly.