Try a leakdown test. This test checks the sealing capabilities of all compression components - rings, valves and gaskets.
This is a special tool.
If you dont have this tool, try a cylinder balance test. You may find that 1 cylinder is working and the other cylinder is not due due to the rings.
Iv had a 14hp v twin vanguard do this and it was the rings not pulling fuel into cylinder and also that worn causing the smoke.
Earth out 1 plug at a time and record your results.
If when you earth a plug out and the engine cuts out, the problem will be on the other cylinder.