Slant six ignition(?) issues
Blue smoke on rev like that seconds the request for a compression test.
How do I compression test?
Get a compression tester.
Make sure the battery's charged up.
Remove all six spark plugs.
Remove the multiwire connector from the ignition control module over on the driver's-side inner fender.
Remove the throttle return spring and make sure the choke and throttle are both open.
Install the compression tester in the frontmost cylinder and crank the engine through five "chugs". It's best if you can arrange to do this so you can watch the compression tester gauge during cranking – get a helper inside the car operating the key, or operate the starter from underhood by carefully connecting the two largest terminals on the starter relay, or even more carefully by using a screwdriver to connect the large and small terminals on the starter itself. You'll be writing down the gauge indication after the fifth "chug", but what you're watching for is how quickly it builds up to that final reading. Does it get most of the way there on the first chug, then the other four just nudge it up a bit more? Or does it have a feeble first-chug reading, a little higher on the second, a little higher on the third, etc?
Write down the final reading, then move the compression tester to the next cylinder and do it again.
Post your results and observations here.