Hey I just bought a 1987 but by the time I got home it had overheated. But when I came around the corner coming to my house I wound the car up and got on it (this car has no mufflers)
just then I looked in my mirror an I dumped a cloud of what smelled like oil smoke(it also filled the car with the smoke). I let the car cool down then I restarted it and it ran fine and always did but want to know about the smoke.

 

What color smoke was it? You were at WOT when your car head overheated??? That's not very good for a rotary, overheating a rotary = death ...

 

If smoke only occurs at high rpm's like over 4k could be oil seals going. Make sure car is not overheating, a few overheats can kill a rotary or any engine.

 

just one overheat and you've done enough damage to start saving for a rebuild. like nub asked, what color was the smoke? also check for leaks around the block, on the oil lines and cooler, radiator and hoses.

 

check for the tell-tale signs of 2 black lines about 7 or so feet apart about 6 inches wide around the place where it started smoking