Worth it, as in having something that is dependable and doesn't leave your clothes smelling like hydrocarbons after riding it?
You can do it cheap and dirty for maybe less than $150 if you just buy a new piston kit with rings and a gasket, and have the cylinder bored.
An engine that is smoking that bad more than likely needs some other repairs and
parts replaced.
Unless it needs the valve guides or rod need replaced, or the valve seats ground, the kit on Ebay is a one stop deal for a thorough top end rebuild.
http://www.ebay.com/itm/Honda-Atc-18...j0nPoA&vxp=mtr
Ship the cylinder with a USPS flat rate medium box, both ways, and the total cost is under $300.
If you do it cheap and nasty, Rite-Way does small engine machine work. They can bore the cylinder. You'll have to know what size piston it'll need, and they'll determine that after checking the cylinder.