Hupmobile Model 32

Does anyone have any experience with the engine lubrication on 1912 -
1914 Hupmobile Model 32 ? Oil is sent to the cylinder bores via a
regulator valve linked to the throttle - the idea being that the
faster you go, the more oil to the bores. But maybe my valve is
missing some sort of restrictor, as large clouds of smoke are emitted
when the engine is running hard. Everything is overhauled, new rings
etc, so I don't believe it's a wear problem, and as the motor was
reassembled from bits and pieces, maybe the (possibly missing)
restrictor got lost.

Help anyone ?

Ced Pearce