The original bypass filter was an AC Z1 they are getting very difficult to find these days and are a pain to change over because of the proximity of the chassis side rail and the space between the engine mount and starter motor. One of the bolts you only get a 1/4 turn and can't use sockets etc.
As a result a lot of people used a remote mount filter fitted in various locations including the inside of the mudguard or on the firewall.
The smoke may merely be poor valve stem seals although likely they are the rings as well.
Diana

