'GG' ..............and there was just a little bit of smoke right?
I bet ya whole neighborhood was under a cloud of blue smoke after that little stunt:-) A few drops of oil from worn valve stem seals creates clouds of smoke from old cars even after sitting at the lights for a minute or two never lone having filled ya whole donk with the stuff (draining most of it), you must have had the fire brigade on site !
Wmk2
Nope, once you drain the oil it's gone. This is also the technique to unseize an engine.
You do end up with a bit of oil on the block after turning it over full (from where it sprayed out of the spark plug holes). Obviously you degrease and wash the engine before starting once it's all back together and ready to start.
No smoke that I remember. Smoke is good though, it means there is oil in the bores and you won't be grinding metal on metal!