It could be detonation but unless he's trying to run diesel fuel in it, has the head shaved to nothingness or is running 12 degrees of timing advance I wouldn't think detonation is a problem. I would suspect, because the engine was run out of oil before, a crank bearing is toast.
The smoke could be coincidental or you could have something going on with a rich condition. I would pull the clutch cover off anyway to see if there is anything going on in there. Once the clutch cover is off, you can fell if there is ANY movement in the crankshaft without the clutch gear drive dampening it out.