Gotta say this, it is SUPPOSED to smoke. But then the question becomes what is normal. But let's get some things out of the way. It is NOT a four stroke, so comparing the two is unreasonable. Four strokes use their oil over and over and over again, while two-strokes use their oil only once, then either burn or discharge it into the lake. Two strokes have no oil control rings, because they don't have to retain their oil. So forget that. Same thing goes for rings. Rings in a two stroke are for compression only, and have nothing to do with oil useage
The main things that affect two-stroke smoking are engine and exhaust temperature, speed, and fuel/air ratio (carburetor mixtures). And the oil itself. Lousy oil might smoke more because it is burning up in the cylinders instead of remaining long enough to lubricate the pistons throughout the whole stroke. The perfect oil (as far as smoke is concerned) wouldn't burn at all, but would go out the exhaust into the water, then people would complain about that.
I suggest you use 100% synthetic TC-W3 outboard oil in the correct ratio and leave the additives in the store (my opinion). That's all I have used for years now. The synthetic oil makes less oil slick on the water, and dissipates faster. And smokes considerably less. Most importantly, what makes it out into the water is bio-degradeable.
So, bottom line is make sure the motor is properly tuned, is running the right temperature, and correct fuel mix. If everything is a-ok, look forward and not back at the smoke. Either way, somebody else is bound to complain about it. Deal with those people however you can. The part about bio-degradeable is a good place to start.