273 Smoking When Cold....???

I did not notice any coolant in the oil when I changed it with penzoil 10w-40
odometer states 86k I assume its 186K. The car is an automatic with Dual exhaust on her already. Carb is adjusted pretty well just off lean drop test what should the timing be adjusted to?
Never done a ring job so whats entailed or what else should be done at the same time? What would help perfomance also ? Thanks....I know its alot of questions.