OK. Let's get this shit sorted out.
A) There's no such thing as a can of Compression or "Kompression". It was a bit of a laugh, you took the bait, it probably went too far. It's still funny that you went to a counter and asked for it though and not only that but the people you asked had not a fucking clue.
Of course your engine was smokey on startup, you squirted WD40 down the bores, it would take at least a little while for that to clear.
C) Did you turn it over a few times to build up any semblance of oil pressure before you went to firing it up?
Your friend you bought it off, told you it was smokey. Why would anyone park up a vehicle that was only a little bit smokey and leave it sitting with bits and pieces pulled off, unless they knew it wasn't a 5minute & $50 job to remedy.
It's not been running for a year, you fire it up (thankfully, you warmed it up, even though you got it hot enough to force water out the radiator) and you proceed to rev the fuck out of an engine that you know was smokey and that was likely bone dry of oil.
I bet the rings were toast before-hand and if they weren't then. They are now.
The engine will need pulled down and built up.
Like I said... from the start. You'll be better getting another one on the cheap with an engine that isn't fucked and a body that isn't fucked. Even if the chassis is good, like you seem to think it is (I personally doubt it would be), then you're still left with what? A money pit.
At best what you've got is drive-line spares for another one.