Well the head steady looks fine.
The machine shop, they say the barrel on the bike is ok? If so I wonder if worn guides could cause the level of smoke you are seeing? They would have to be very bad to cause a lot of smoke ( in my opinion).
My guess is the decision on whether you strip the engine completely or just the top end should depend on whether the bike has been run much recently, if it's been run a fair bit recently I personally would leave the complete strip down to later and just enjoy the bike until it's off the road anyway e.g winter.
However, the general belief seems to be that you should not put a high detergent oil in a bike that may have grunge in the sludge trap as the detergent could flush the grunge out and through the big ends
so an oil change may be be a good option to take straight away so you know what's in it.