I'm inclined to say it's a ring problem but don't want to jump to any conclusions. Is it an oil type smoke? Does it smell that way, or does it smell rich in fuel and black in color? If the air filter is dripping, then yeah, there's too much oil on it. If you really want to rule it out...clean it and stick it back on without any oil...not to ride...just to fire it up and see what you have.
I don't know that you can make any adjustments to the auto decompression, but you CAN adjust the manual one. Make sure there is play at the lever mounted on the engine, not just the hand lever.
Usually, not always, valves tend to tighten as the valve wears into the head rather than loosen. Anyway, you're going to get SOME ticking even if the valves ARE adjusted properly. It's better to have them a hair loose than too tight.
Are you able to due a compression test? I believe Honda has to sets of readings for you bike...decompression effected and not effected. Then you can do the spoon in oil thing.
Well...you asked for ideas and these are mine! Hope you hear from some others too.
Russ