Re: too much oil... dumb mistake!!!
I hate to say it, but your 4-stroke shouldn't be putting out a lot of smoke. I think the seals they're speaking of are internal such as crankcase seals and such. The oil burning does sound like somethings leaking crankcase oil into the cylinders. Maybe it just blew out your valve seals but I know very little about 4-stroke outboards so can't be of much help. If it were me, I wouldn't run it much more with it smoking real bad or it might build up carbon under the piston rings and really do some damage.
Let someone who knows 4-stroke outboards look at it. I don't think those motors are something a shadetree can handle. But since I don't know much about them, that could be bad advice.
I hope you get some good news, my little helper has "helped" Dad out a couple of times, too!

JBJ