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If you are lucky it could be the umbrella seals on the valves gone bad. My brother in law took a chance and bought a recently rebuilt 302 cheap because it was smoking, quick look under the valve cover and it was obviously bad valve seals. Replaced them and was all good.
Mike
 

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+1. Only basic diagnostics (vacuum testing, visual checks, compression check, leak-down testing) will give you reliable answers. Anybody can guess. Guessing is both inefficient and expensive, so test for real answers.
:tup:
David
 

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Guys, my '65 352 with cruise o matic was smoking on start up. It kept getting worse. Had the vaccum modulator on the transmission replaced and no more smoke.
have seen that before too, on my dads f150. pull the vacuum line off down low, at the modulator, if oil runs out of the line, its shot... when his went it was smoking a bit on his way to work, when he came home it looked like a smokebomb, fouled out a couple plugs.
 

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Does it have a lot of blow by vapors? Check for a bad PVC valve also.
 
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