I only have one word for everyone... valvestemseals!
j/k
The culprit was the valve seals, I switched them out today and she quit smoking 2 minutes after I fired her up. I am so relieved; however, I was also looking forward to getting a new motor and rebuilding this one into a stroker. I'll probably end up doing that anyways, but at least I can wait a while.
I really appreciate all the help, thanks again to all of you.