Jason, Loosen the oil filler cap and lay your hand on it just enough to keep it on. Rev the engine up and see if it trys to blow it off in your hand. If you leave it off, how much smoke is coming out of the filler pipe? The lack of a baffle has nothing to do with smoking. All that thing does is to keep the oil vapors/ droplets in the crankcase or at least try to do that. Depending on the amount of smoke,It possible that you may have worn rings or the worse case scenario starting to burn a piston . I take it this on your Rail ?   Rails and buggys eat a lot of dust and catch hell in the woods. They really need to be sealed up good. Filters etc. Why don`t you check your compression and let me know what it is on each clylinder.

Well, Its not a good idea to re-ring a aircooled for two reasons in your case. I won`t  get too technical.
 #1- Piston wear. The ring lands will wear enough where the new piston rings will be "sloppy"(up and down) and you run a chance that the piston will break in half in the ring groove do to the drag of the new ring. I have seen this time and time again.
 #2- 40pds of cold oil press ? What is the press. hot and at an Idle ?  If you are showing somewhere around 5-15 pds hot , This might , I said might , indicate a issue with main/rod brg. wear. Then you come along with new rings or a piston/jug set. The drag of all this new stuff over the worn out bottom end, well I think you get the picture. Im not saying this the case with you, but if you have no history on the engine,I would wonder if I would take the chance. Your call. You might get away with it. I have bult some "off the floor engines" for my junkers over the years. sometimes I got lucky.
 :roll:  :roll:

Jason , I somehow missed your last two post. On re-bulding your engine, the cost would depend on what was needed. Hard to tell until I "tore" it down . Then I could nail it down. I will not build you a modified. They are just to "cantankerous" to deal with in the long run and can be expensive to maintain. Been there done that. I also will not use cheap no name parts. Sometimes I have order the "good stuff". Im sorry, I am just real "picky".  You can call me at  423-894-3374 or e-mail at
 jdcjjdcj@hotmail.com  and we could talk about this in more detail if you want to.