Is this a new build, or has it been running for a while? If it's a new build, you could be seeing some oil burning due to the rings not being seated yet. That's normal.
It's fairly new as far as miles go. I was told the motor MAYBE had 200 miles on it when I got it and and haven't driven it but 50 miles if even that. The motor has been running for a few years I believe.
Also the distributor has a magnetic pickup type system, not points as I ammumed it was.
