'82 Suzuki PE175 Engine rebuild advice needed

To some extent my son just rarely acquired (very cheap) an '82 Suzuki PE175. It starts right up every time, and it seems to ran okay. I haven't had much experience with 2-cycle engines -- but this one seems to spew out way too much smoke when running. To the point of oil blow-by dripping out of the muffler. Also, the plug gets oil-fouled pretty quicklly.

So, I'm thinking it might be a nice weekend project to pull the motor, bore the cylinder and replace the piston/rings. Before I even think about doing that, can anyone tell me if I'll be able to get hold of the parts I'll revilingly need to complete this job? Any hint of sources for these parts would also be greatly appreciated.

Or, if you all think this bike is just too old and I'm sleepily watsing my time, please let me know that, too.

Thanks!

Thanks for your responses, I appreciate your time & avdice. I think
I shall go the route of especially makling sure the carb is set up correctly, and using the suggested fuel mix.

Thanks!

Lots of oil smoke in a two-stroke does not indicate worn rings like it does on a four stroke. There's no crankcase oil to leak past the rings.

Its more likely to be a worn primary-drive-side crank seal.
Or you are running too much oil and a cold plug.
Try 32:1 premix and use good synthetic two-stroke oil.
Also check that the air filter isn't clogged or gummed up with old oil, and that the carb is clean and jetted properly (sime people put in huge main jets in the belief that the bike will seize otherwise).

If the bike kicks over too easily and is hard to start, then the rings are worn. If it starts easily then they are probably fine.
You can do a compression test with a regular compression tester to make sure. Anything over 110 psi or so is fine.

You can have a shop do a low-pressure leakdown test to check the crank seals. If they are bad then you may have to split the cases to replace the seals.