Close, new air filter and plug are in order. You will have to do a couple other things also. First, get an old rag and put it under the spark plug hole and remove the spark plug. Will probably have oil flowing out the hole. Let sit for 5 minutes. Second, put another old rag (first one is probably oil soaked) over the spark plug hole. Pull the starter rope (bail back so it turn easy) slowly, as I suspect you will have oil gushing out. You will repeat this about a dozen times to get as much oil as possible out of the cylinder. Third, top off oil to mark. Fourth, clean the old spark plug with carb cleaner and dry it. Fifth, install old plug and start the engine outside with no air filter, as when it starts you will now have a fogging unit. It may be a little hard to start. Six, let the unit run until the smoke disappears, probably about 10 minutes. Sixth, change the oil now while it’s hot. Seventh, clean everything up and install new plug and air filter, You should now be good to go. You haven’t hurt anything but your pride and the size of your wallet. Good Luck.