yeah, i'll have to agree with Halogrinder. There's way too much oil getting in there. I'd do a compression test just to get a better idea of how it's doing. If i remember correctly, if it's burning smoke at start-up, and then clears up it's most likely valve stems; and if it's clear at start-up, then begins to smoke it's most likely rings. Last time I rebuilt a buddy's 22re I replaced both just to make sure it's all fresh.
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