If the bike smokes after standing and then clears, it sounds as though you have a worn valve guide or guides. When you strip it, insert the valve from the 'wrong' end of the valve guide so that it sits in the guide in the normal stem working area. If sideways movement is perceptible the valve guide or stem is worn enough to allow oil to drain from the rocker box.
Pistons should have no more than perceptible sideways movement at the top dead centre position at right angles to the crank axis. If there is little or no movement, re-ringing will probably be okay. Anything more than that will require the use of an internal micrometer or dial gauge to measure wear and is best left to the experts. If there is a marked wear ridge, re-ringing, unless 'ridge-dodger' rings are fitted, can produce knocking and/or broken rings.
Don't make the mistake so many people do of connecting oil consumption with compression. The piston carries compression rings which can survive or fail before the oil control rings (also fitted) and vice versa. Oil control rings often become clogged with carbon after high mileages or when oil changes have been ignored.
This is a fairly complex subject and if in doubt consult a specialist and let him view the parts.