Light gray would be fuel usually. Consider very poor (inconsistent) combustion in that cylinder; the result would be low cyl temps unable to burn out any oil residue (which is
always present) in a timely fashion. If it doesn't smell super fuel-ly then you don't likely have a stuck float, etc.
Sources of oil (besides poor ring seal): valve guides (cracked or poor-sealing) are most likely.
I can send you my borescope. Just DM me your address and I'll mail it right out (free of charge; return is on you.
)
It is USB and pretty much any laptop can use it. No drivers needed that I'm aware of. It's just a dummy camera anyway.
Typically, when valve guides get
worn (or crack; this is unlikely) they will leak down overnight. I'd let it sit overnight and pull the sparkplug and view the cylinder in the morning. Super oily (as compared to a "good" cylinder) -=> Valve guides or very poor ring seal.
You could also figure out which cylinder is the companion for the coil and swap the leads. See if it follows.
I wouldn't be playing games with trying to unstick rings or deal with varnish or whatnot. I'm a "go back to the basics" kind of person.
Usually the simplest explanation is the correct one.
If it has good compression the
compression ring(s) are good but that says nothing about the oil rings. However, bad oil rings at < 100K? Not very likely.
I'd be looking at valve guides. Honda valve guides are good but they aren't perfect. They also don't just dry out unless the entire top-end was dry, which is extremely unlikely (to the point that rust on cam lobes, etc. would be a concern).
A borescope is a wonderful tool to assist in diagnostics.
Based on what I've read so far, gray smoke is usually fuel and
incomplete combustion can mimic oil burning without the fuel smell.
Incomplete combustion is always compression, timing, fuel ratio, or spark, and it's almost certainly not the first two. That leaves fuel ratio or spark.
Addendum: I had a bike this summer that I brought back to life ('83 V65 Magna) and the symptoms were nearly identical. The problem was crap spark to one cylinder
and a fuel problem (airbox leak). Once I fixed the spark issue and got it up to temp, suddenly the last cylinder caught and burned out a bunch of crap. It was
kinda-sorta running and smoky.