Since I had almost nothing to do today, I opened up the HiPo to reorient the oil control rings.
They were indeed misoriented from last time, and the compression ring orientation was less than optimal.
You can see in the first pic the oil puddle I found on top of the piston.

I think the smoking was down to the ring orientation compounding the worn cylinder.
Oil looked pretty decent, a little blackish tinge to it, but still mostly yellow.
Cylinder wall looked about the same as last time, still kind of scratched up. Head gasket was toast when I opened it up, the oil ruined it. Connecting rod journal is in nice condition.
Also, in the Clymer manual for Briggs flatheads, it says that a worn oil control ring will have flat contact faces. That is the case with this engine, so it's also just worn out.
So to sum up the wear this engine has:
Mildly scratched, glazed cylinder
Scratched piston
Worn oil control rings
And I still need to check the valve guides.
Not optimal.
So someday in the future, I need to have the engine bored out 0.01", honed, and install 0.01" oversize piston and rings. The boring/honing will be a job for a professional machine shop for sure.
So if what I did today doesn't help the small oil burning problem, I'm just going to have to deal with it.
But I think it should cure the smoking, since it didn't smoke before I did the rod upgrade. I may or may not have scratched the cylinder a bit during that upgrade.......
Also, I found out that this engine does indeed have the lobe compression release, so I need to pull the cam in the future to remove that.
And to do that....... I have to pull the crankshaft........ and to do that, I have to remove the flywheel, which is stuck........
Yada yada yada, so on and so forth.
Also I noticed today that the front wheel bearings are totally shot, so the front right tire is balding prematurely. Those bearings are ~40 years old! It's no wonder!