.Dried valve guide seals will cause oil puff at start-up. Replace the seals. Here you have two choices. One is...... go to NAPA to the tool section, and get a valve spring removing tool. You will need a compressor, a spark plug hole adaptor and two sets of fresh valve seals. You are going to remove the valve springs and install both intake seals onto the intake and exhaust guides. You will see only one seal on the intake. You will not see a valve seal on the exhaust side. The second valve seal set is used for the exhaust guides. The seal kit comes with a plastic sleeve and you have to use this every time you install the seal, or it will make tiny cuts in the seal when sliding it over the stem. The compressor is to keep constant air pressure inside the cylinder you are working on, so the valves do not fall down inside the cylinder while you R&R (remove and replace) the valve seals.
Second choice..... Remove both heads. Have the head shop R&R the guides, and valves. Install brand new guides, new keepers, new valves (old valve stems worn sliding against the old guides) , seals (of course) and cut the seats in the head. Reinstall the heads.
This will solve your oil smoke on initial start-up.
Check compression before teardown. Check compression after new head work. Do not install the intake manifold just yet. If you have a 15% difference between cylinders, pull the heads and start to rebuild the piston/rings, bore job.