declan,
At first blush it sounds more like rings than guides. But, more info is needed. Does it continue to smoke for as long as you accellerate? or is it just a puff as you begin? How fresh is the oil? What grade and brand of oil is being used?
Motorbill
From Lola to Land Rover, If it's British and has wheels, it's likely I've bloodied me knuckles thereupon