Hi there. Just thought I'd give you an idea for getting the exhaust stud out.
Do what Brian said and give it a good dose of WD-40 or GT40 which is cheaper lol. Then get yourself a small blow torch and gently heat the surrounding metal. Don't hold the heat in one spot, move it around while using some grips on the remains of the stud. You will have to be careful with the heat as the head is alloy and if you're not careful, you'll end up melting it. The alloy will expand quicker than the steel stud and you'll be able to unscrew the stud with no force. If it's stubborn, stop every now and then and squirt some more WD-40 at it and try again.
Please don't do what a previous owner did to my Chaly. They tried to drill the stud out, snapped the drill bit in there, then tried drilling that out with a 10mm drill. It was obvious that wouldn't have worked and as a result, I had a lovely time trying to get a 6v engine running with 12v parts as good 6v heads seem to be quite hard to find.
As for the smoking, you may have some perished valve stem seals or gummed piston rings. If you're lucky, the rings may sort themselves out if you leave some Paraffin or WD-40 soaking in the bore. Be sure to kick engine over with the spark plug out to get it all out before starting up. You might want to change the oil afterwards as some/all of the Paraffin will find it's way into the sump/crankcases.
It could also be oil level. My ST smoked badly when I got it running and it turned out to be slightly over filled. It doesn't have to be much.
Good luck
Jim