if it's "jetted right on", it shouldn't be smoking a lot.
there is a seal on the KIPS shaft...part number 92049-1238, and if it's worn/leaking, then it will show a little more black oil than normal when you pull the cover.
you could have a bad clutch side crank seal too...which would allow it to suck tranny fluid and burn it, causing the excessive smoking...a possibility.
and if it does have a bad crank seal, you'll never get it jetted correctly.