You have bought a missile...... They are QUICK....
Put simply, so long as the fuel mixture is what you say it is, that's ok. If the 'smoke' is very 'white', then you MAY have a water leak and that smoke is 'steam'.
However, the MOST obvious and most likely is that you simply have the carb adjusted wrongly. You do need to BEWARE.... the correct setting of the carb is CRITICAL and CRUCIAL, a fraction either way and you'll have smokey slow beat, set too far the otherway and you can have a nice and expensive pile of scrap. The key skill in this class of motor was the CORRECT seting of the carb....
I assume you either have a Tillotson carb or some sort of 'slide' carb. We can't advise the settings without knowing this..... BUT we can explain HOW you set it... To make it run well for a few seconds, you need to reduce the 'High speed' jet setting..... but, more than a few second can promote a seized motor.... so....
1) Find out what carb it is, if you can't then take a photo of it and publish it on something like Yahoo and tell us where to find it.... we can tell YOU what the carb is, then.
2) Publish (on this web site) your email address and I'll send you a LONG and detailed explanation of how you set it up.....
Done well, the engine will be easy to live with, set wrongly and you are wasting your time and money!
Secondly, if you are new to this, then you probably need help on how to push start.... I'll post that as well... if you give your email address.
ian
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