Holy Smoking' 914!, Help! Options

[Dck356]

Good evening gents. I've been lurking in the background while working on my 74 2.0L. Purchased the car almost a year ago from a member here who had it sitting as a project for about 12 years. So far I've done the following:

- removed gas tank and had it cleaned/sealed
- replaced all fuel lines with the SS kit from Tangerine
- replaced fuel pump and fuel filter
- pulled distributor; had a bad pertronix unit
- added points, condenser, rotor, cap, plug wires
- popped the distributor back in and set static timing

So this afternoon, after 12 years of not running, it fired right up. Exciting right? Not so much... the exhaust began producing a ridiculous amount of blue/white smoke - lucky the fire department didn't show. Seriously hoping that this is a timing problem and not a worn out engine. Tomorrow I'll check the dwell, put the timing light on it at 27 degrees... and say a little prayer to the Porsche gods.

Any thoughts or words of advice? Thanks in advance!!