There is a coolant drain screw on the bottom of the lower cylinder - an M10 or M8, which doesn't seem to be doing anything else.

It's normal to smoke when cold, but with the engine up to temp the smoke should die down to practically nothing really.

Sounds like the compressin may be getting low - worn rings etc. Do a compression test to check the state of the engine. Should be about 120psi from both.
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