At high miles engines of that era will smoke like a loaded freight train. High meaning anything over 80K depending on how it was used and cared for. A set of rings will do wonders and can be done on that engine in long afternoon. Run it a while and see if it doesn't get a bit better as things limber up. Could also try blocking the pipe from the vacuum section of the fuel pump to manifold. A breached diaphragm will let a lot of oil into the intake.

If it grinds going into gear at a stop it is the clutch. If it grinds while shifting it is the synchronizers in the trans. Change the trans oil and be sure to use a GL-1 rated 90 weight oil. GL-4 oils that are right for the rear axle have too many friction modifiers and the synchros can't grab properly.

Yes, the pilot diameter of the convertor is stuck in the counterbore on the back of the crank. If you are talking 49-54 you can remove the bolts and then force the convertor to spin in the counterbore till it comes out. If you are talking 55-56 the studs hinder rotation but they are loose enough in their holes that you can get a very slight back and forth rotation to help break it free. Otherwise you just have to pry it off and get another flexplate afterwards if the old one will not indicate true.

Have just finished up a 53 Packup, #11 for a gentleman in North Dakota. Ultramatic, powerbrakes and AC. He said he wanted a red one.

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Yes, it was a bit smokey with all that oil in the manifolds. Ah, but now that the smoke has cleared the engine is back to its usual happy self. Sadly the smoke obscures a view of me doing my happy dance.

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Had read about it, and when faced with a fairly fresh '54 engine that had gotten stuck from bad storage I tried it:

I mixed together 3 quarts each of ATF and Acetone. Took out all the plugs and filled the cylinders to the brim. Went away for two weeks and then a wrench on the on the damper bolt broke it free with ease. The engine would turn some distance and stop so I knew a valve was still stuck. Filled the intake manifold with the same mixture and went away for some more days. Last night I rocked the engine GENTLY against the stuck valve till it lifted and audibly slammed shut after another half turn. I cranked the engine for some time with the plugs out to blow out most of the ATF and was able to start it this morning. VERY pleased, and very smokey.

Wish I could lay claim. Looks like a first class job.

1006 is for the V8s. 1080 for the straights.

Here is a quick test of a vac advance. Leave it hooked up and attach a timing light in the usual manner. Find your mark while the engine is idling and then rev the engine up to 2500 or so. You will see the timing mark march quite far up and away from the pointer. Now snap the throttle shut. If the vac advance has been working properly the mark will drop back a good distance instantly, and then fall back the rest of the way as the revs drop. If it just leisurely walks back as the revs drop then the advance was not helping.

The tabs are correct. The gasket is thicker than the tabs.

What has happened is that the lifter (or "dashpot") has attempted to open a stuck valve sometime in the past. The hydraulic pressure within has swollen it. I have gotten them out by removing the the plunger and then using vicegrips (locking pliers) to crush the body of the lifter. Just make sure you are crushing the the lifter, not the tappet body. You can usually get the plunger to come out by driving it upward with a narrow chisel. After a little cleaning you can drop in your new lifter assembly and continue as if nothing violent ever happened.