How to fry in a wok without burning oil?
I think you will find smoking inherent in the wok construction. Every bit of oil that spatters up the sides from deep-frying will smoke.

You may reduce smoking-sides somewhat by using the smallest burner possible but not entirely eliminate it. Many Chinese restaurant kitchens (many Indian too) have small 6 - 8" openings above furnace like flames that the woks nestle into. The sides are sealed against excessive heat.

Also, the heavier the wok the less the sides seem to start smoking ahead of the base which is counter-intuitive given the better distribution of heat by heavy or copper-bottomed woks. I am less certain about this point, merely personal observation.