Re: correct gas/oil mix...It smokes like a pig!
I like the Penzoil Synthetic Blend that Wal-Mart sells..........reasonably priced, doesn't seem to smoke a lot, and smells nice too!
A Seafoam treatment might help, also you didn't mention if the motor was running well or not. A ruptured fuel diaphragm will let excess fuel into the motor, of course it'll run poorly. As will leaking carburetor float/needle/seat assy.
You might want to 'tweek' in your idle mixture, just set it a tad on the rich side of the adjustment range, for good out-of-the-hole acceleration.
BTW I always use Chevron, the Techron additive is Good Stuff for 2-strokes. And at least around here in the PNW, no alcohol. If you're using a Gasohol fuel and can get non-gasohol, I'd try that and see if it makes a diff.
Before the use of Seafoam became widely known on the internet forums, I recommended use of the Techron additive in customer's motors and got good feedback.
HTH........ed
P.S. just a thought, a loost main jet will make it smoke like Mad but of course it'd run pretty rich on that carb. Might not be a bad idea to check the color of the spark plugs for abnormalities.