I hope you can do mechanic work because I do think you will need to dig deeper into the engine.
Compression has got to be at least 150 , 170 is better.
The smoking is probably oil rings stuck. It does sound like you are going to have to remove the engine and do a rebuild. There are manuals here on this site that shows everything you would need to know if you do decide to rebuild the engine.
The parts for these engines are quite pricey .
I am guessing you purchased a $20 carburetor ?
Show us some pictures. We always like to see before and after. T
hey are fun to work on.
Not complicated engines just small stuff that will fly off on the floor
Good luck with your new project. Lots of good people to help and guide you.