First of all fix the carb.
Secondly, are we talking clouds of blue smoke here?
This engine may not have enough time on it yet to seat the rings completely yet.
It is still new.
Rings generally will seat within the first five minutes of operastion but the book says at least 500 miles. You need to give it time.
The popping is more likely carb related.
A blown power valve is a fuel leak and a vacuum leak at the same time.
It will create unstable idle and a rich idle fuel dumping situation.
You need to fix that first.
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