Heavy startup smoke with good compression is consistent with seized oil control rings letting oil into the combustion chamber; oil in the cylinders can also raise cranking compression. Valve adjustment does not apply to the 1991 engine because it uses hydraulic adjusters. Plan on an engine rebuild or replacement.
The owner of a 1991 Mazda B2200 2.2L reported heavy smoke after startup that continued for about 15 minutes, then no smoke after shutting it off for 30 minutes and restarting. Compression was about 160 psi on all cylinders. Experts said oil in the cylinders can raise cranking compression and that seized oil rings are a common cause of smoking with otherwise good compression, typically requiring a rebuild or replacement. A suggestion to adjust the valves was corrected because the 1991 engine has non-adjustable hydraulic lifters. A later side question about original tire size was answered as P205/75R14.
