I agree with Jenn, check the timing, its not hard to be off by a tooth or 180 degrees.
As for the smoking, when I rebuilt mine it smoked for quite a while until the rings seated and assemby lube burned off.
12:1, are you running "GOOD" high octane fuel? You should be or your new engine will not last long! No racing fuels with a color in the name ie; red, blue
they are sub standard for the price you pay. I run VP C12 with my 200X with a 12:1 piston and it runs way cleaner than the TURBO BLUE that I used to run.
With my mods that can be viewed in my signature below my jetting is as follows;
Main Jet 118
Pilot Jet 38
Pilot screw 1-1/2 turns out
Needle clip middle
Keep in mind that I'm running a XR200R carb with a UNI with the airbox lid on and only 4 discs on my exhaust.
So if you are running no discs on the exhaust and no air box lid you are extremely lean! And without 110 or higher octane your engine will not last long!
Check your timing, buy some jets and good fuel and break your engine in, my piston came with break in instructions.....follow them.
Good luck
Jeff
1983 honda 200x
webcam
12:1 powroll piston .75 over
DG Xccelerator stage-3 exhaust
26mm keihin XR200R carb & intake
UNI filter using modified air box
VP C12 racing fuel..$6.50 a gallon
Barnett clutch and H/D springs
13/38 20" turf tamers
stock gearing for 22" winter tires
wooohoooo its bad fast! For a 200X
1988 kawasaki mojave