How old is the gasoline in the tank, and how does the oil look. Also, how many miles are on it. In my experience, these engines don't wear out to the point that you are getting that much oil past the rings. That said, you may have oil leaking from the cam cover seals on the holes for the spark plugs, leaking oil into the plug wells. The ticking may be a number of things, but is common for worn cam chain guides and tensioners. The smoke may be because of year old fuel... Try a tank of fresh fuel and clean out the plug wells and do an oil change, and then go beat the he'll out of it. See if it clears up.