smoking (blue/grey) out of right bank

[Gunslinger]

  seems to be #5 cylinder. Assuming Carb is flooding and washing cylinder. Plug gets fuel wet but Slide moves nice, diaphram is not swelled or dryrotted. is there a power valve and if so on which carb?

Fuel / oilsudge in the #5 exahuts pipe. Compression test gives 95-115 psi across all 6 cyl. I know for a fact the valves are due for adjustment, just additional info.

Has anyone seen this before?

[Momz]

If it seems to be only one cylinder, then I would suspect that the plug at that cylinder is not firing properly. Try changing all your plugs with a new set, check your plug wires and replace if suspect.
Flat fours and sixes are not known to wear cylinders unless there is excessive milage or abuse. However Honda motors are not imune from sticky piston rings. You might try changing your oil several times within the next 5K to 6K miles to insure that the crankcase contains only good clean oil.
Good Luck!