Because it is smoking, you should find out the cause.
* If it is due to low compression, then put new rings in it. Measure the pin clearances when you do this and replace as necessary.
* If it is due to worn valve guides, have the head rebuilt
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Does anyone have any info on how much better the engine performs after a tune?
It depends on how it is performing now. Power and fuel economy are your indicators. Power can double after a tune-up -- if the power is down now. Fuel economy often goes up 20%. But if it's already good, then a tune won't help much if at all.
There isn't much to a tune-up on an A12. Usually it does not require any new parts except new points. Just re-torque the head gasket, re-gap the sparkplugs, search for and fix vacuum leaks. Inspect the cap, rotor and plug leads, only replace if damaged. Replace the points then set timing and mixture. Enjoy.
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is it worth the money getting it rebuilt?
That depends on you. If you really don't like the car and would rather have something else, why rebuild it? Just sell it. On the other hand if you love the car, maybe it's worth it. I would just find a good used A12 for $200 to replace your bad one. Of course with a used engine, it needs testing. Same as your engine you have now.