1984 Vette
Thanks
-Nick-
I'd say your valve stem seals are shot... they are the rubber seals that you can access if you take the valve spring(s) off.
The seal is letting some oil leak into the combustion chamber after the car is off. When you crank it up *poof* all the oil makes it's presence known from from the smoke cloud.
You can just put on some new GM valve springs ($38 for the set) along with about $11 worth of valve stem seals... nice weekend project.
p.s- add some "budget" 1.6 ratio rocker arms (compared to 1.5 stock) while you're doing the valve springs and you'll gain about 10-15 horsepower from the extra lift of the rocker arms.

