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It may have been rebuilt a number of years ago, but it will need to be disassembled and the internals cleaned down to the sludge trap, It may not cost much more than the cost of gaskets to open it up and clean it out, but I'd make sure the original owner understands that and let it go for 1/4 of the asking price, especially since it smoked right off the bat. It isn't that unusual for a bike to smoke after sitting that long, but it shoul clean up and the smoke should stop. Ignoring the sludge trap, It'll probably blow. 69 is a good year. I bought a 69 a few years back, dissasembled the motor and cleaned it out. It's still running. It had low miles and parts were in specs, but the trap was crappy. If I didn't clean it out, It too would have blown.
Spend more time than big bucks. Get to know how it works, That's most of the fun! You can learn a lot by joining a local britbike club. Members are happy to share their knowlege and lend a hand.
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