welcome to the forums. i'm confused here, you say you adjusted cam chain clockwise and counter clockwise, how is this posb ?, you can't turn anything to adjust the cam chain, least not from what i know ?!. if the exhaust valve was bent/broken ?, it won't run..period !. so both valves are working if it runs. as for the smoking ?, this has nothing to do with adjusting the valves. it's smoking because odds are, rings and cylinder are worn out, maybe from age ?, maybe from being sunk from who ever owned it before you ?, bottom line : this will need a top end rebuild. UNLESS !!!!!!!, the valve guide seals are bad ?, and oil is leaking past the valve stems ?, and this is where your smoke is coming from ?. this i can't say is your problem, only a tear down will answer this
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