Multiple engine symptoms on KZ305

1981 KZ305. Just fixed the cam chain tensioner noise. Finally got to ride the thing around the block a few times, got it up to temp. Noticed several things happening that seem off/symptoms:

• White-ish smoke, especially when stopping. Couldn't tell from smell if oil or fuel. Biggest thing to note is the smoke seems to be coming from the front of the engine. Around exhaust header connection to head, and a long fins on front. No smoke is visible from the tailpipe that I can tell even holding a sheet of paper up. Definitely not black, either white or off white. 
• Towards end of my ride, seemed to be losing power at low rpm, last hill had barely enough power to get up without ripping the throttle and letting out the clutch
• Bit of oil residue on engine fins & around spark plug threads when removing (these were new). 

Things I've done:

• Gone through carbs and entire fuel system; put a fuel filter in line. Set fuel float level, etc. Comfortable w/ KZ carbs and believe everything should be good here.
• Fixed cam chain tensioner, set valve clearance, set points gap/adjustments.
• New condenser when going over points
• Fresh oil and filter, filled to line, still at level per sight glass
• Spark plugs look okay color wise on plug chop
• Visually checked spark which looked fat and blue
• Throttle and clutch cables adjusted

Things I plan to do/check:

• Cleaned off engine w/ degreaser - waiting to run it again and see if any oil 
• Compression check (ordered tester today)
• Set idle mixture - haven't done yet, but did reset screws to ~2.5 turns out from lightly seated.

What things would you suggest looking at/checking? My worry is something causing loss of compression like bad rings. The compression check should tell, but the seeming loss of power and white smoke is seemingly new, though I haven't been able to run this bike much if at all due to the cam chain tensioner issues.
 

Is your fuel filter designed for a gravity feed system? If not, it can slowly cut off the flow of fuel, finally causing the engine to die.

Honestly not much way to know as it came with a fuel tank service kit. It's a typical small engine in line filter that came with the new petcock rebuild kit I purchased. I can certainly order one labeled appropriate for use. That said it seems to flow just fine as is. The bowls fill up quick and nicely and seem to both be at a good service level. The tank is also venting appropriately but can do a run with the lid open. 

The smoke was very concerning to me but suppose it could be a fuel/ignition issue separate from a head gasket or leaking tach cable seal. Will have to run it now that I cleaned the engine off.

Checked fuel, definitely getting into carbs no issues even with fuel filter. Did a cold compression test and got 125 left, 145 right. Not perfect but seems workable.

Will do a hot compression test tomorrow. Starter relay was fried and couldn't run, had to order another one.

Hot compression test is 140 left, 143 right. So luckily I guess it's nothing with the engine.

Also synced the carbs, was mostly good to go, just needed a fine adjustment. 

Going back to the drawing board with electrical and spark. Fuel delivery seems fine, bike starts up and runs good idle and revved. Plug chop is perfect light brown toast. 

Already had a new set of coils so going to slap those on. The points still look good, condenser is working and new. Charging voltage at 5k rpm is also a bit low...13.2-13.3v. which is not 13.5-14.5. Will test rectifier and stator also.