5W-30 is too thin for an engine with 170K. My opinion. Smoke is not good, unless is coming from exhaust pipe. Maybe you have some leaky gaskets and is dripping on the exhaust manifold. I would pay more attention next time, to see exactly from where is coming the smoke. Also you can buy a mechanics stethoscope($10) from NAPA or SEARS, and locate better the noise: top on the engine, front of the engine/timing cover, pass side or driver side. At 170K miles I would use a heavier oil. I see you are in NC, you should be fine with it almost year around. I have used Mobile 1 20W-50 with great results. The oil consumption was reduced a lot and the engine got quieter for a few thousands miles. It cost around $10/qt usually available at O'reilly. The VANOS noise that I had it went really off when I changed the seals. That took a lot of time and work.
Remember to check the oil level often and make sure you have the right level before you start the bleeding process.
JOY = BMW