82 240d smoking bad (IMO)

I recently did a valve adjustment, hoping that the minor exhaust smoke would go away. It got worse. The engine smokes on startup, smokes really bad and runs rough until it is warm, then smokes enough to be annoying at idle. It appears to be oil smoke. I tested compression, wet and dry, and that was fine (dry-330, 340,340,335). According to previous owner's meticulous records, the engine was overhauled at 515K, am at 565K now. Any insight would be appreciated!!