Possibly it is over full. It can be contaminated with hydraulic oil if there is a gear driven hydraulic or power steering pump, or if the gas was left on and the cab overflowed enough to back up into the engine. Also running too rich, running without a thermostat can raise the level.
I would go ahead and change the oil again, 15w-40 diesel oil (even though it is a gas engine) is a good choice. The new automotive gas engine oils are designed around emission control and roller cams, neither of which you need.
The oil filter can be matched by the number on the old one. Any auto supply should be able to get it or have it in stock.
The plugs can be matched at the auto supply, just bring one with you with a readable number.
Have you looked at the points? (if equipped) Check the gap, look at the condition. The auto supply probably can't provide them or the plug wires. Depends on the employee, but most won't or can't help. Best order them from this site or maybe Tractor Supply will have them.
"Spiral Core" wires are a type of conductor. They will be clearly labeled with a picture on the box, looks like a spring inside the wire. They are a good choice for wires.
About the fuel system, I assume it is now gravity fed. Unless it is having fuel problems, I would NOT add an electric pump. If you do, be sure it is a very low pressure pump, compatible with a carburetor. It would need to be in the 2-4 PSI range. Still better off without it. If it had a factory mechanical pump, go with that.
Does the gas tank have a working fuel shut off valve? If not, replace it, and make it a habit to turn it off every time when done.
Not being there to see the smoke makes it hard to determine exactly what you are seeing. It could be normal condensation, water vaporizing in the exhaust system. It could be oil smoke from leaking valve guides and/or rings. Could be coolant getting in a cylinder, especially if there is mystery coolant loss. Could be raw gas vapor from a misfire. Raw gas will smell like gas, eye burning and stinky. Rich gas will be black smoke.
As long as there are no bad symptoms, the smoke clears when warmed up, the coolant and oil stay at the proper level, then I would not be too concerned. But do your needed maintenance, just for peace of mind that it was done.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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