Pickup issues 1992 elica

[mugz]

I just installed 17inch momo wheels and Raptor tires, now I know that the celica 1992 models were built to haul 14 inch tires. But I also know many who have installed 17 or more on their cars and had no issues with picking up the car or going higher speeds.
Does anyone know about this? Is my car's pickup and top speed compromised by installing 17inch wheels? Or is there an issue with the engine? Because I do smell burnt oil when I start the car and have it idling. ( I really dont care about the Gas mileage)

I know the car is old and it probably has reached its age (139,000 miles)
but, I need someone to clear this doubt for me. I am guessing that the smoke from the engine might be a leak, I am afraid it might be an oil pressure issue and have no idea what it might cost...
Thanks once again for answering my previous questions
Ill post pictures in a bit...

I forgot the mention that this is a..
Celica 92 ST Coupe
1.6
4 Cylinder
Custom Gruddy Exhaust
GT air filter