There's one thing between the tank and the carb that usually gets skipped in these threads: the fuel line and the impulse line. At 20 years old they're the same rubber, and both go hard and start passing air long before they look bad.
A cracked impulse line is the sneaky one. It doesn't leak fuel, it leaks the pressure pulse that runs the pump - so the saw idles fine on what's already in the metering chamber and then can't keep up the moment you open the throttle. That fits "idles well, struggles as I throttle up" exactly, and it won't show up on a compression test.
Before chasing seals, pull the filter out of the tank and look at the line where it bends at the tank fitting - that's where they crack. Check the tank vent as well; a plugged vent gives the same symptom and costs ten seconds to rule out.
On the smoke: a year-old aftermarket carb isn't automatically a good carb. The metering lever height is set wrong on plenty of them, and that runs rich at part throttle. If the H and L screws behave normally otherwise, I'd look there before blaming the piston.
