Smoking 318 need some ideas why?

Bad Sport said
An old boy once told me that if it smokes going uphill it's rings, smokes going down hill, valve seals.

I would also think about oil being sucked in around the intake gaskets, they could be dried out some.

this is correct, smokes on acceleration=rings decel=valve seals.....

i think u need to drive it alot, get it good and warm, put some good loads on it, lug the motor here and there, it will help the rings re-seat.....
my 2 cents.........

higgs