300zx smoked out

Alright been scannin the site for a while and finally had a reason to post.I picked up a 87 300zx about 3 weeks ago got it for 350 so wasnt complaining about much.The thing is the car has been sitting for 2 years, reason being the last owner had snapped the timing belt leaving a stop sign.I was told that they replaced the belt and distributor and checked to make sure the valves still freely moved up and down i dont really know what this accomplished but o well.They tried starting it again but it wouldnt start and they burned the starter trying.So now that your up to speed here is where im at now.I was pretty sure getting into this that i would have to replace the valves and seals but thought i might as well try starting it to see whats goin on.I did a basic tuneup replaced all the plugs,wires,egr,oil,oil filter,coolant,and air filter.Also picked up a new starter.Since the car had been sitting i poured some oil down the cylinders to lube them up.Also i fixed the timing since they were off a tooth.After playing with the distributor for a bit the car fired up.This is where my problem starts to keep the car running i have to keep the throttle wide open and it bounces between 2 and 3 grand on the tach.Also the car is smoking extremely bad like when u spray seafoam in the motor except this smoke never ends.I also noticed some smoke from the drivers side of the motor figured this may just be a leak.Also the water temp gauge is not working but all other gauges are this might just be a faulty sensor.So pretty much im asking from your guys experience is this for sure the valves or something else?All my experience is in hondas new to nissans any help much appreciated.And sorry for the long column but wanted to make sher all the info was here.