Burns oil when cold

67 273, 2bbl, 319,000 miles, engine rebuilt about 100,000 miles ago in the 80's

Coolant level consistent, oil drops over time, (leaks like a 54 year old engine... rear main, valve cover, oil plug)

When I start it up no smoke, (typical start up routine... pump 2 to 4 times depending on when it was last driven, crank, stop, crank, start, feather gas a little, neutral for about 10 seconds, reverse, back out of driveway, feather gas a bit, put it in drive and it will run flawlessly from then on out) drive it 400 feet to the major road, turn and accelerate moderately. Light cloud of smoke (light grey, blueish tint, might be too much choke? ) enough that I can see where I have been. Drive it for 5 minutes or so and not another visible hint of smoke.
Have not looked at the plugs for oil buildup, or done any other diagnostics yet.

Thoughts?