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Jim - There are a few things to look at. If the tractor never had oil smoke coming out the exhaust, and if it has been run regularly, then the smoke could be from running rich. If it runs rich, there is not enough air to burn the fuel, suspect the carb, or the air supply. Disconnect the air breather from the front of carb and see if it makes any differance. There could be an obstruction, such as a mouse nest, mud daubers etc in the intake stack. Check the needle screws. I think the idle should be about 1.5 turns out, and the load about 1 turn out to start with. With it running, see if that makes any difference. Or, it could be mechanical. As was suggested below, you could have worn rings. Burnt or stuck valves is also a possibility. A compression test in each cylinder would be helpful as if its just a fuel adjustment, the compression will be fine.
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