<VV> Smoke Signals?

[grant young]

I need a little help troubleshooting a '65 Corsa turbo. The car was
trailered in after sitting for a long time. It would start and run, but
belched a considerable amount of whitish smoke at idle and then mucho black
smoke when revved. The carb had an amateur "rebuild", so I rebuilt it,
replacing a missing accelerator pump discharge spring, deteriorated
accelerator pump, missing fuel dam, and adjusted it properly. A cold engine
compression test gave readings from 120 to 135. I cleaned the new but
carboned spark plugs (not wet), reinstalled the carb, and now I am getting
some whitish colored smoke (less than before, but still enough to be
embarrassing), which becomes less as the engine warms, but is still
slightly visible. Revving the engine does not seem to increase the density
of the smoke. When it is shut down (with the air cleaner removed), there is
a considerable amount of white smoke coming from the PCV tube. (The carb
choke is set properly and working). I'm guessing maybe valve stem seals, or
possibly rings (as the compression leaked very slightly on a couple of
cylinders) but would like some opinions from more seasoned mechanics.
Thanks,
The Carbmeister