Unless this is part of a small rotation of pipes, I think it would not only smoke, but it would probably smoke for four or five years and perhaps after that for years, if handled and maintained gently. If you clean it up and especially like it, you could have it repaired by a pro, for not too much I'd guess, or with advice from Forums restorers, you could do a fix yourself. But I don't see this as the end for this pipe for a long time. I would guess a previous owner had a heavy hand in taking off the stem and either one-time or over time cracked the shank. I don't see this as a process within the pipe itself. Some people just don't know their own strength and have a heavy hand.