The above is most likely the cause. If oil at the level of the piston because plug is doen hill or slightly over full, oil will weep past rings when stored before next use. If overhead valve engine could be he3ad gasket. All this is assuming the smoke is blue. One last possibility is float...
Either flywheel key partially sheared effecting timing OR intake valve to tight OR valve guide has migrated and valve does not close all the way. Since you said it seems to have good compression when you pull it over, either valve guide interference with piston or you actually have compression...
both a blown head gasket and a bad breather system will pressurize the crankcase ( in case of gasket ) or not create vacuum ( in case of breather ). One way to determine the culprit is a leakdown test. I suspect breather because you indicated the smoke came after a bit. Unless on a slope later...
Some Bronco's I feel have a major design flaw. Look at the carb fuel line elevation and the level of the bottom of the tank. If the tank is no more than about 1 1/2" above carb inlet, they run fine till the spring type fuel inlet needle gets some hours on it and then fuel delivery problems...