Reading the plugs is a very good way to see how the engine is acting. There is a right way and a wrong way to check them. You have to warm it up, then accelerate to 3rd gear full speed and kill the spark plug by the kill switch and immediately come to a stop and pull out a plug. See what it looks like and white is definitely bad. Google: how to read a spark plug and you will see pics of what good and bad plugs look like.
Generally speaking, if it bogs then speeds up, it's running rich, if it's bogging late in the rpm's, you have done engine damage by running it too lean. Now that you have removed the air filter sock from the intake, the jetting it had may be fine. If it seems real fast, stop. It is running too lean and that is how you blow it up. Smoke coming from the exhaust is a good thing. It means it has oil protecting it.