Compression test is on the "to do" list.
The wet plug was in #5 cylinder originally. I swapped 5 & 6 plugs when I put them back in. The same plug was wet in a different cylinder.
I installed new Autolite 985 plugs today. These seem to be the most recommended on this and other jeep sites. But it still started smoking after about 30-60 seconds after a cold start.
I'm really hoping it's not bad rings.
The only other suggestion I've read is to use Rotella diesel oil.
I'm in TX, in a non-emissions test county, so I'm hoping a little smoke will not be a problem. I plan on talking to the inspector before taking it in.
I definitely see vehicles driving on the streets that smoke much worse than my jeep does.
I let the jeep idle for a little over an hour. It maintained a decent amount of smoke the whole time. It wasn't horrible, but was definitely noticeable. I would say a little less smoke than your average small BBQ pit open with no food cooking/dripping, just coals.
I checked the new spark plugs after this and all six look the same, so it seems I fixed that problem at least.
I decided to change the oil to Rotella 15-40 as some recommended to use on these old engines anyway. Using Rotella is actually more convenient for me anyway. That's what I use in my 7.3 PowerStroke.
While draining the oil, I noticed oil seeping out of a couple of the seams of the muffler and out of most of the pipe joints.
Idled the engine for about 30 minutes after oil change and it smoked as much, if not slightly more than before. I expected this after finding the oil leaking out of the exhaust system. The only way out now is by burning it out of the inside of the pipes.
I idled it for 15-30 minutes a few different times today. Each time, the smoke seemed to get a little better. I let my son drive it around the pasture and up and down my gravel lane this evening for about 30 minutes or so. There is now just a faint hint of smoke coming out of the tail pipe now. Apparently the thicker weight oil is enough to seal up my suspected bad rings and will give me a little more time before I have to deal with that repair.
At this time, I'm simply worried about inspection. But from what I've read, there are no emission requirements on any vehicle over 24 years old. The exhaust system simply has to exist and not have any leaks/holes.
I'm hoping the faint smoke will not be cause for failure. Like I said, I see vehicles smoking much worse than this every day.
I'll find out tomorrow when I take to the inspector.
Thanks to everyone who has helped me with this issue.