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I want to preface this with: I have never seen smoke come out from the head gasket in my 20 year Victory career. Two things are equally possible. 1) This is the first one of my career, congrats! or 2) you’re mistaken, and the smoke is coming from somewhere else (like the intake tract and appearing like it’s coming from the gasket, this is very common).
So, sure, if smoke is coming out of the head gasket then that is VERY BAD and will have to be remedied. The remedy is rebuilding that cylinder. $$$$$$
Or, the bike has a small head gasket weep (totally normal and no cause for concern) but the bike is running so out of tune that when you whack the throttle it’s spitting combustion back up the intake and coming out of the intake area. You have misdiagnosed the location of the smoke and now are prepared to rebuild the cylinder unnecessarily. You’ll go through the whole rebuild only to discover the bike STILL does it! What a terrible feeling that will be!