Yamaha G14 piston possibly damaged causing smoke?

[SSE5059]

I have a 1995 Yamaha G14 engine that I inherited. Was supposedly smoking pretty badly and the PO removed the engine from the cart but never went any further. I have it tore down. The cylinder is measuring pretty spot on. 75.01. The rings on the piston aren't broke and the oil ring looks ok. There is a weird spot on the piston almost like the piston is melted and it does measure smaller across the piston at that area. 73.88mm as opposed to 74.44. I'm guessing this is the cause of the oil burning. The bore itself dosent show any signs of damage. Thoughts?

[crash12888]

Pull the valve springs and check for guide wear, order a piston, rings and gasket kit, make sure it comes with the bearings, seals, valve seals. Run a hone through it and put it back together.
Other than the spot on the piston, I see nothing to warrant any concern.
Can you determine where the spot came from? Pictures?

[SSE5059]

I have pictures but it says I have to be a member longer before I can post them apparently.

Thanks crash. That's what I was thinking but just wanted to get a second opinion. The motor has sharpie on it that said it was rebuilt 10 years ago but the PO didn't know what was done. It's definitely not an oversized piston. So maybe they tried to solve this problem before and just honed the cylinder and put new rings on an old piston.

[crash12888]

If the hole is round nothing like a good hone job!!!

I'd at least spring for a piston with the rings as long as you are in there
and check the valves.
Sounds like this isn't your first rodeo.