I Feel Your Pain!
I'm new to this 2-stroke thing as well. I just bought a '91 KX 250 last summer. I had the same problem. The bike would blow massive amounts of smoke and barely run at low rpm. Crack into the powerband & wind it out: no smoke and awesome power. I cleaned the air filter and chased jets around but still didn't find an answer. I would sit here and cram "Leak Down Test" in your face, but I have yet to do that myself. What clued me in to the fact that the right side crank seal was leaking was the disappearance of crank oil. I've heard that due to the change in compression ratio between low and high rpm of 2-strokes, when the right side crank seal leaks, it will run great on top end and not smoke, but run horribly on low end and oil foul plugs. I had to take out a loan to cover my plug replacement costs. ;) If your bike is running horribly on low end, I would suggest a leak down test before I would chase a bunch of jets down.
BTW thanks to some info from our friends at Dirt Rider.Net, I was informed by a guy that has a '92 KX 250 that you have to split the cases to replace the crank seals. I hope you don't have to go that far though!
I'm getting ready to send my engine to Eric Gorr for a total rebuild and another guy told me that Eric is able to bore out the seal housing in order to make further replacements easier.
Good luck! Just tryin' to arm you with some info.