1968 Barracuda 318 Smoking....good compression

Just picked up a barracuda convert with what appears to be the orig. 318. I ran a cold compression check on the motor revealing 5 cylinders at 150PSI, 2 at 130 and 1 at 140. When I looked at it there was only mild white smoke eminating from the tailpipe, Not uncommon in cold climate, plenty of power and idles nice. I took it home about hours on a trailer, and when I took it off the trailer it started with a puff of blue grey smoke. As I took it for a ride it seemed to almost smoke out our street. I immidiatly called the PO to ask what the issue may be. He said from time to time the car would do that, but it would go away as soon as the car got warm and was driven for a few. I have not taken it for a good ride yet, but I also know the car has the orig. single exhaust, and it has a carb issue as well, you need to manually open the butterfly to start if it has been running for some time. I know what oil looks like burning, this is a little lighter grey in color versus the blue oil looks like. And I think the compression looks fine as it was tested cold, and the numbers were within 20%, any help or direction would be much appreciated.

Thanks
Jim