geterdun
+1y
Is the smoke all the time or just at start up after sitting and cooling off? That probably is just valve seals.
Do a compression check to get an idea of rings condition, not to say the oil rings are not gummed up in the groove and not wiping the walls down, but are the other ones still doing their job? Should have better than 130 p.s.i.g each cylinder.
The slip, is that in a lower gear? Does it just slip when you lean into it or when carrying weight in it? How much slack is in the linkage between the slave cylinder and the lever it pushes? If none, it may be too tight, hence release bearing is engaged some against the pressure plate? Otherwise, sounds like a bad disc and/or weak pressure plate. Maybe you can drive it lightly until you decide what direction you are going with it.
Think about if you plan on keeping it original, swapping engines, or what before you invest in something you are not married to?
Just thinking.......