Here's my advice as I rebuilt my 1300D last year--it was smoking similar to your 1700.
Don't buy parts such as piston rings until you see what size piston rings are in your engine. You may not even need new piston rings. Other issues can cause smoking such as bad valve stem oil seals.
Call Hoye Tractor or Danny Parker at Parker Equipment company ( or e-mail them) and ask what should be the compression of of your engine when it is cold. (My engine has 25 to 1 compression ratio, so it should be around 525psi or more, howerver it was about 410psi max). Then, purchase a Harbor Freight diesel engine compression tester(less than 30 bucks) and check your compression. If your compression is OK, then maybe your valvle stem oil seals are bad---if this is the case, you can repair this for less than 10 bucks. You will have to remove the fuel injectors to check compression--but this is not a big deal.
It required a ring job to repair my engine, and while I had it down I had a local auto machine shop to do a valve job. No new valves were required. What I found in my engine was that someone had done a complete engine rebuild, new pistons (not OEM), new cylinder liners, new bearings and so forth. However, the piston rings had loss their tension--probably poor quality. Danny Parker happened to have 2 new Yanmar OEM pistons with rings, and since they were such a good price, I changed them out as well. I did the complete top end and replaced the rod bearings(which I did not need to do, but did anyway) for 200 bucks or so. The cost of rebuilding engines is in the labor. DIY and save big bucks.