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1) Probably nothing, but worth a look. Compression test is good, and you should probably do a leak-down test as well. It could be a trickle of oil getting past the rings. Have you tried sniffing? Does the smoke smell like burnt oil?
2) If it's a "whirring" sound, it means there's a motor running somewhere. Cooling fan? I don't think it's cause for concern.
3) Yeah, a loss of fuel economy comes with adding racing pipes and changing the fuel delivery. Generally, aftermarket pipes provide more flow. More flow means more air into the system. With more air, the injectors can deliver more fuel. More fuel means more horsepower, but it also means...well, more fuel. 4/7 seems pretty excessive, though. With stock pipes, my SS would regularly get close to 60mpg. After putting on Forzas and rejetting the carbs, it dropped to around 48. That's only like a 20% loss. Still YMMV (and apparently does).
4) Define "runny oil filter." Is it leaking around the threads? My SS was doing that too. I never did find a direct cause -- at first I thought it was the Perf-form filter I was using, but switching to a Ducati-labelled filter didn't help. Shortly thereafter I discovered my piston rings were bad and that my oil breather was leaking as well. New breather and new pistons & rings, and miraculously the oil filter stopped leaking, too. I can't explain it...maybe someone else can.
If the "runny" filter is somehow related to bad rings, though, that might mesh with the smoke from the vertical cylinder. Seems odd to have the rings go bad after so few miles, but I suppose stranger things have happened. The leak-down test should flush that problem out, if indeed it is a problem. (As an aside, my SS had 36K miles on it when the bad rings were discovered.)
2) If it's a "whirring" sound, it means there's a motor running somewhere. Cooling fan? I don't think it's cause for concern.
3) Yeah, a loss of fuel economy comes with adding racing pipes and changing the fuel delivery. Generally, aftermarket pipes provide more flow. More flow means more air into the system. With more air, the injectors can deliver more fuel. More fuel means more horsepower, but it also means...well, more fuel. 4/7 seems pretty excessive, though. With stock pipes, my SS would regularly get close to 60mpg. After putting on Forzas and rejetting the carbs, it dropped to around 48. That's only like a 20% loss. Still YMMV (and apparently does).
4) Define "runny oil filter." Is it leaking around the threads? My SS was doing that too. I never did find a direct cause -- at first I thought it was the Perf-form filter I was using, but switching to a Ducati-labelled filter didn't help. Shortly thereafter I discovered my piston rings were bad and that my oil breather was leaking as well. New breather and new pistons & rings, and miraculously the oil filter stopped leaking, too. I can't explain it...maybe someone else can.
If the "runny" filter is somehow related to bad rings, though, that might mesh with the smoke from the vertical cylinder. Seems odd to have the rings go bad after so few miles, but I suppose stranger things have happened. The leak-down test should flush that problem out, if indeed it is a problem. (As an aside, my SS had 36K miles on it when the bad rings were discovered.)
