OP says smokes when start up....those valve seals are long gone!!????? Minor thing and has little to do with whatever. If it has good compression spark and enough fuel... it should have the power it deserves!???
Every car don't need to run the 1/4 in flat!???:poke:
I'm with you, those valve seals are very well toast. They get hard and brittle and break into pieces. The guides get a little loose and there's your oil.