my 74 gt750 has smoked more from the left cylinder ever since I bought it ,,,I adjusted carbs a few times and it did seem to help, also timing helped ,,,my compression is low also around 110,109,100 but it runs good and after its warmed up the majority of smoke goes away from that cylinder,,,but it smoked a lot at first and after putting some miles on it and adjusting carbs,timing it seems a lot better so I'm just saying maybe if the bike sat for a while (mine only had 11,000 miles on it ) like mine did , which is bad for the seals, maybe you just need to look at the small stuff 1st,,,,,i finally gave up on figuring mine out and put miles on it and now it seems better so I have decided to just ride it till it wont go anymore

,,also like was mentioned before the oil injection lines (octopus) could be leaking also ,,,so fix the little stuff 1st , and if it still doesn't stop then try and put some miles on it ,,,,it could be the piston rings from sitting to long ,, then if that doesn't work I guess your looking at crank seals , but that for me would be my last option just my opinion,,,,,also if you have the bike on the side stand all the time the left carb seems to flood on mine and it will smoke heavy until its upright and warmed up ,,,,good luck....also just to note I have had my bike for about 6 or 7 years now and it had all your symptoms when I 1st got it but seems better now,,, so I'm sure my seals may not be great and probably would help to replace and maybe new rings but id rather ride it for now , when the smoke gets worse and I know its running shitty then I guess I'm stuck with a rebuild , I honestly didn't think it would get better but it did so either I'm real lucky or its just a matter of time

but try everything else 1st unless you really want to rebuild it then that's different...