86 rx7 non turbo won't idle/white smoke

I have a 86 rx7 that has some issues. When I start it up it will rev up and run fine as soon as it tries to idle down it dies. If I hold the gas down it will run but it blows white smoke and stinks like crazy burns your eyes! I'm guessing it needs a rebuild if anyone has some ideas or info on engines for me please let me know. Thanks