COOKSTER

I just bought a 2000 Z370 that was last used in 2002 and has only 1200 (miles/kms??).
Before even trying to start it I drained out the old gas and replaced with new and I also removed the carb and cleaned it. After several pulls the engine fired but was smoking excessively and I was unable to rev the motor, it would just bog as soon as I touched the throttle. After running at idle for about a minute the motor just died as if it had run out of gas.
When trying to restart after it died, the compression was super high and I could hardly pull it over.
I was thinking that maybe the excessive smoke was from the motor being fogged for storage but I dont know for sure. I have also heard that some people hold the oil supply lever wide open for a few seconds while the motor is running to dump in extra oil when putting the sled into storage.
Sorry for my long winded story but I wanted to include as many potentially relevant points as possible.
Any ideas?