Just to close this off... I was *very* surprised and happy to see that the smoke, which had been quite plentiful on start-up, decreased gradually over the initial 100-200 miles, and has completely disappeared.
After only a few hundred miles, and due in part to a 'miss' (ignition-based, I think) I'm still not taking it above 4000 or 4500, but the car has noticeably more power. I attribute this to a) the bump in compression ratio, and b) increased compression due to the hone & rings, in that order.
During the assembly, I noticed that my cam followers were fairly heavily pitted. I chose *not* to replace them, however, as the purpose of this rebuild was to get me through the rest of the driving season, and perhaps next year. A complete, proper engine build (on a spare engine) will follow when I'm not so pressed for time.
Given that a full rebuild will likely require oversize pistons, and given that flat-top pistons are much less expensive and more widely available than oversize low-compression pistons, it is unlikely that I will be able to re-use my high-compression milled head. (I'd end up with 11:1 or something, impractical for a street car.) In retrospect, and in looking at this as a cheapie freshen-up, I probably could have skipped that step.
All in all... so far, so good. And if it gets me through a season or two, I will consider it money (and time) well spent. Of course, if it breaks next week, I'll kick myself for being so half-arsed about it! :wink: