That's fairly normal for the clutch to wear like that, but it'll never have axial play unless something is horribly broken. I would try to wiggle it side to side or up and down; if it moves too much in either of those directions, the pilot bushing in the 3-pin driver is worn. It sounds like you have checked for this. For about $140, you can rebuild the clutch and not have to touch it again for 30 years. It is money well spent if you plan on keeping the tractor. I used to have a 128, and it was a great tractor. I've attached a picture.
If the smoke is coming from the left side of the tractor, it's probably coming out of the crankcase breather. This could be stuck or worn rings, or the breather might be assembled improperly or dirty. Most of these engines (or at least the ones I've had) smoke a bit from the breather, yet still have a ton of power and don't consume oil excessively.
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