Re: Yamaha 115 Off Shore 2 Stroke
It does have variable oil delivery, so at slow speed you will be burning less oil (less than 50:1).
All 2 strokes emit smoke, The amount of smoke depends on how well it is maintained and the type of oil used. Synthetic oil tends to create a little less smoke. etecs are also reported to create less smoke than the 'normal' 2 stroke.
If it is that big a concern, 4 stroke is a viable option, not only for the smoke issue - noise, vibration and smooth idling is a big plus.