Dumb question: is there too much oil in it? Did that once- smoked out the whole block!

Slightly smarter question: does it smoke on acceleration or deceleration? At idle? Does it clear up some cruising?

Are the plugs all oil fouled? The smoke is coming out of the tail pipes, not dripping and smoking on the headers, right?

Have you done a compression test to see if the cyls are sealing up well?

And finally the smartest quesion- what color is the smoke?