[SEL] Novo I Bought

[Dave Ernst]

This poor thing sat outside for a long time and had water in it everywhere. I cleaned it up and fired it for the first time today. I has excellent compression, but smokes heavily. I ran it for about a half hour and it didn't clean up much.
These things have oil rings? I did find the oiler was dumping way too much oil in the cylinder so I disconnected it, but that didn't help much.
Ideas? 
http://albums.photo.epson.com/j/AlbumList?u=3009545
look under Novo
Dave