Blue smoke when I give it gas
 

Hi, where do I start. Yanked this old buggy 150 helix of a farm buried in weeds complete wreck, any ways probably hasn't ran in a few years. Got it runnin but it blows blue smoke when I give it gas valves set at .005 lots of ticking in the valve cover wondering if I should do a big bore kit or should I go looking into the valves any insight would be appreciated thanks

sounds like blow-by. if it doesn't clear up, most likely thing is worn out bore. if that's the case, bbk it. if it only happens on start up and goes away, valve guide seals.

thanks x-bird was not sure at all about the valve seats I been reading about a oil passage tube might be damaged but as you said smoke doesn't go away and it doesn't probably blow by bbk it that's gonna be my first step. now on these bbk if I just change the top end cylinder piston and rings do you know how big I can go without changing the stroke connecting rod to piston someone told me 58.5mm if you know anything about this pleeeezz help advise

The 58.5 is a drop in kit anything larger you will need to bore the case. If the valves are set at .005 you should barely hear a ticking. I would inspect the head for as to why the valves are loud. Check that the timing chain is tight on cam sprocket. You could have a stretched chain or bad tentioner.

for sure going to check the chain and tension didn't even check that when I had it open thanks I know the tensioner is spring loaded do you know if the tensioner is adjustable or does the spring load adjust automatically

Should automatically, if not needs replacement. Most of the time it will be a stretched chain.

So ok now I got oil in exhaust pipe and in muffler took it on a short romp around the house came back and oil dripping off spring that holds the two together and inside the muffler too I know I'm burning oil from blow by but concerned if it's valve related or normal with bad piston/rings ???

You need to do a compression test.