Yes, you need to ascertain why smoke was relevant, clearly there is a problem somewhere which you need to sort before serious damage is done. A compression tester will evaluate whether you have damaged a piston or ring, or if a valve has been bent/damaged.
No. Bradders is confusion the wet slipper I have recently added to the 848 track bike I'm building. What's my options here? New barrel and piston? Rebore?
providing a ring has maybe broken. if you meticulously inspect the bore and its damage free you may get away with new rings. or a light hone and new rings. otherwise a rebore. probably a rebore though as your luck is shit
First you need to establish what's actually wrong. Don't run the bike, as any contamination in the oil will get pushed around the engine and end up doing more damage. As I suggested in post #11 ( and Pete said in post #21 ) the quickest way to find out if it's serious or not is a compression check. You can be pretty certain that at the very least the engine will have to come apart if there's reduced compression on one cylinder. After that it depends what is found - may be possible to rebuild with new piston rings, may need new barrel and piston. At the moment everyone is just guessing. One thing is for sure - running the engine will make things worse, and therefore more expensive...
if you have crankcase compression plus oil then could be broken or excessively worn compression ring(s), hole in piston (unlikely because you would have seen temp gauge higher plus mixture would have to be excessively weak) or (long shot as I don't know Testastretta characteristics) head gasket failed - compression fire ring to oilway.