Someone put a few bucks into that one. The ring that you are missing part of is the oil flinger. Doesn’t make a seal, it’s just there to help throw oil on the cylinder walls. Probably not your smoke issue, but needs to be replaced.
That corrosion all over the water pump shaft made the inner o-ring fail, allowing coolant into the oil. As with any seal, it needs a smooth surface to run on in order to do its job.
With all that going on, you’ll want to pull that brown plastic gear and the oil pump. I’d replace the plastic on no matter what shape it’s in. It runs the oil pump and will shear off the teeth if the oil pump got any junk in it. The fact that it hasn’t means it wasn’t run very long with milky oil. Also take oil pump apart and clean it out/look for wear.
Those look like aftermarket valves, probably Kibblewhite. Can’t see the springs to tell if they are factory, but I doubt they are. The two intake valves look nasty. If they are wet with oil on the other side (down the intake ports), the those valve seals could be your smoking problem. Either that, worn rings, or blown head gasket.
94mm bbk, +4 stroker, Hot Cams, Vertex piston, FMF Power Bomb header and Power Core can, KW black diamond valves/dual springs, FCR39, K&N, Elka long-travel LT fronts and rear, Houser +3, +3/4 LT A-arms, American Star pro xs chromoly tie rods, Dyna non-programable, Tusk +3 axle.
Last edited by jetmech25; 10-28-2019 at 09:48 PM.