smoking 360

When you say the sleeves were not honed, I assume you mean the cylinders. If that is the case, and you installed new rings, they most likely have not seated (and may not). Any time the rings are replaced the bored must be honed lightly to "break the glaze" or provide a uniform new surface texture to help the piston rings seat. The rings actually need a slightly rough bore surface as they "wear in" so to speak. Also, the ridge at the top of the cylinder must be reamed away completely or the top ring may be broken.

Smoke during deceleration is commonly caused by excessive valve guide clearance. Were the guides replaced? New seals will not help if the guides are worn excessively.

If either one of these procedures was skipped I would certainly not say the engine had been "rebuilt".