I've done a ton of research- so now I'm really confused....

I'd start by taking the valve covers off and remove the rocker assy. Then rotate each piston down about 3/8 inch and use the method of a shoestring crammed in the spark plug hole, then rotate the piston back up. Remove each Valve stem keeper and spring the replace all the old valvestem seals. Reinstall the springs and keepers. Adjust the valve lash to the cold spec and button up the valve covers. Run slowly till warm and pull the valve covers and readjust lash hot.

I'd bet this fixes the smoke on start and the engine runs better after you replace the points, cap, rotor, sparkplugs and wires....

Don't dink with a cam or headers now. Save the $$$ for the 360/380/410 build.