This K301 engine is a very low hour machine, I got it with 61 hours, it now has 65 hours.
Notice the tube from the breather to the carb. This is a late 1970's machine (I believe)
The inside of that tube has no oil in it. I guess as it gets older, more oil vapor will be produced, but, to answer your question, I do not think there should be any smoke out of the breather.
If it were normal, the vented machines would have shown oil on the side of the engines, and buyers would have been back complaining about them.
You can buy an aftermarket breather cover like the one on my machine.
Hook a hose to it, run it into the air filter, you will not see anymore smoke.
