Before you throw in the towel on that engine... Flatheads blew the head gaskets pretty often. You may first pull off the head which is a very easy task and take a look at the gasket area. You may find that it blew and the "Smoke" you see is from the Antifreeze. If that is the case, get the head milled (Shaved or flatten so it is flat) at a machine shop and put it back on with a new gasket.
When you tighten it down with the new gasket, start in the center head bolt at about ten pounds torque and do a star pattern out from there and then set it at twenty pounds and so forth til you get it to what the head bolts are set at.
Very easy job to do verses yarding the entire engine out and replacing it when it may not be bad to start with
If you pull the head off, take some photos and post them where we can see the head gasket and track lines around each cylinder.
Good Luck!
As a note, that is probably a "Hurricane" engine. They were made with a Chrome Molly blocks and almost never wore out, but did blow and occasional head gasket. IF you get the head off and look where the piston comes up and the rings stop, on most engines you will have a ridge there you can catch your fingernail on, the Chrome Molly blocks were so hard they didn't wear out, the rings did and they were finely replaced with the slant six which wore out a lot quicker, thus engine sales went up. The valves would burn, but the valve seats looked new and a simple hand lapping them in was all it took for new valves.