1984 Oldsmobile Cutlass 1984 Cutlass ENGINE KONCKING CHECKE

I charged the battery and turned the crankshaft number back to 0 with that line that macthes on there then made sure all the spark plugs where hooked up right then started the car perfect where as the chirping, whining, squealing noise went away but then the knocking started out low but got louder as it indled even worst when I rev the engine up. The engine does not misfire or even rumble nothing no vibration at all it runs smooth except I looked at the engine as it idled and the light thin white smoke that smells like oil burning is still coming from both sides of the engine right below the valve covers and above the manifolds near the spark plugs location in between there somewhere. I rev the engine and then the same smoke came out of where the oil dipstick is location just a little thicker though too. I tried to put the car in drive and it just turns off on less I keep the engine rev up the put in drive the car go but as soon as I release the gas pedal it turns off again. Also while it idles it started to show that oil/choke light when its not rev up and turns off right away so now every time I turn the car on I have to keep my foot lighting rev on the gas pedal to keep it idleing or else the oill/choke light comes on and the engine dies. WHAT NOW PLEASE LET ME KNOW ASAP.