Re: motor smoky
Keep in mind this isn;t an injected 4 stroke, it is an old 2 stroke so it is suppose to smoke, you should worry if it doesn't since the only oil the engine gets is from the gas.
As TD said it could be alot of things, the guy could have eye balled the oil just to get it running and put way to much in or just burning crud.
If you just bought this motor you should go through it anyhow, check/change the oil in the lower, clean the carbs, new plugs, water pump, compression check then when you get it running really well do a decarb on it.
Should have ask this first, do you have any experience with outboards?