Please help me diagnose this 273

I did about the same as the OP with my 273. Fuel system tune up. (flush tank and lines new pump and overhaul the carb) Engine tune up (plugs, points, condenser, cap, rotor,wires) adjust valves. It ran pretty good but smoked quite a bit. I ran it that way a couple years and pulled it and rebuilt it. I was thinking of just valve seals or pulling the heads but the rest had 100,000 miles on it, had a bunch of leaks, and frost plugs rusting out. Like putting lipstick on a pig.

That's a good description but a lot of people try to do it. Says the professional typist.