Steve...Well done, looks rather good!!! Run the speedo cable on the outside of the exhaust pipe lower bracket, and secure it away from the hot pipe...melted outers leak oil. Looks to be enough slack.
Now, in an effort to cheer you up, and put things to rights.
Before you put the hammer to it, just a few things to consider. With the engine running, if the oil tank level stays more or less the same, then flow and return are balanced, and the system is doing what it should. Oil level constantly falling with the engine running is a leak on the pressure side, possible but unlikely, unless something major amiss, overwhelming the scavenge capacity. Or a restricted return, eg a kink or blockage in the pipes or an air leak between the sump ball valve and the pump, anything meaning the pump cannot scavenge 100%.
Oil leaving the tank into the sump over time while the bike is unused is normal, as the little anti wet sump valve in the crankcase is at best rarely a 100% seal. In daily use this is of no consequence, but a pain on bikes left standing. With the engine running, oil pressure holds this valve open to allow oil flow. It only closes to seal with the engine stopped, and stop gravity fed oil flowing down through the pump, and into the sump via the bearings.
Considering the oil return, if you have a magnetic sump plate, is the magnet restricting the movement of the sump ball valve? Is this valve working OK?
Oil flow back to the tank will vary from a constant high velocity stream to a regular low volume gobbing, depending on engine speed and return oil volume. Is the oil in there the right stuff, not some of your modern thin 5W30?
Worth checking the pressure regulating valve, PRV. The ball, seat and spring obviously need to be up to the job. Bear in mind the piston rings and bore will need a little bit of use to bed in and seal. If the oil level stays OK with the engine running, then a bit of use could be all you need. I would get the lubrication system sorted first before worrying about the fine detail of a bit of smoke from a new rebuild.
If you do decide to take off the timing cover, pressure feed the timing bush from the PRV oilway, look for a leak between the outside of the bush and crankcase. Very unlikely, but possible as this joint is subject to oil pressure.
All this assumes the bearings are running at the correct clearances.....and you did replace those sludge trap plugs! No, only joking.
If the tank empties significantly over a short time, when left standing, yes, the anti wet sump valve isn't working. The quick fix is a tap in the supply line, linked to the ignition to prevent accidental dry starts, or a trip down memory lane to revisit all the hard work you did a few short weeks ago to strip, clean and replace that pesky little valve. Was that a four lettered word?
Swarfy.
Additional..The marked oil level on the tank looks a bit low. Have you filled it to the published oil capacity?.
