Compression test is the place to start - and also see if your oil level is dropping much.
Was the smoke mostly out of the exhausts or was it from around the motor itself?
I agree with Bountyhunter - if it was your head gasket the motor would run badly and you should be able to see where it was blowing from. It would leave a trail of carbon etc that you could see.
Not sure about the liquid you mentioned in the hoses?
Have you tried draining the carbs at the bleed off screw at the base?
It could be that you have some crud in your gas?
An in-line fuel filter would be a good idea on such an old bike - you may have rust / debris in the gas tank itself that has collected over the years and has got past the screen on your petrol tap.
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