2.3 its normal to smoke a bit dont worry about it, the bearing get it sorted sooner rather than later as they can be a pain when they are to far gone but are very very easy to do when not so far gone
I would say better the devil you know if the old girl is going well, 2.8's are not immune to faults
I have got to say being in Ansdysd1's 2.3 a few times they are a rather good motor and pull a lot better than I ever gave them credit for

( his is quite as well

)