I believe the GX200 only comes with a seal on the intake valve. And for fun one lash cap on the exhaust valve.
hmm,
if the lash cap looks like the stem seal that might be, but I remeber two such hats on my clone
(I can't tell for sure if they both had a lip, since I haven't removed the springs [just set the lash])
odd, but sure they save every penny possible...
so I guess you could very well be correct
Well then,
air filter.. the air filter could be the cause if it's dripping wet,
TEST: remove the air filter, cover the air intake with a fresh clean hankerchief (cloth, not tissue!)
if it stops smoking after a few seconds, it WAS the air filter..
SOLUTION: clean the airfilter and it's box, soak it in fresh oil and squeez as much oil out as you can.. recheck!
if it's not, we can move on
TEST: carb, sometimes that's not oil but unburned fuel mixed with nasty schmoo from the carb bowl..
so clean the carb bowl and turn lean the engine out until it barely stays alive then back up 1/8th of a turn.
have it as lean as possible in idle for our test.
Now allow it to idle for a minute or two;
if it stops smoking it's been your carb.
else.. we move on!
remove the exhaust (it itself can collect oil and smoke)
testrun the engine, and if it stops smoking...
clean the exhaust internally (brake cleaner works well) while having it off.
if it doesn't we need to move on
And for that the engine will have to be disassembled

check the valve seats (worn out as bob said?) still properly pressed in?
piston rings can be installed incorrectly (order, orientation or flipped upside down)
IIRC the oil ring is a sandwich of three indicidual rings and the scraper (second) has a nasty barely visible taper (bigger diameter needs to point down)
make sure order is correct as well as none is flipped align the ring gaps 120° apart
if you can measure your bore it might be worn and in need of oversized rings already.
and you have it apart anyways.. so you might want to fix that.
And if it still keeps blowing out smoke now, I'm out of clues *shrugs*
'sid