White smoke

[tsm1@domain.elided (Tom Mandera)]

OK, for the year I drove my '72, it would always give me some white smoke on
start-up, then go away.

Last night, I had the Scout running to do some carb tuning (power valve
probably isn't blown, but mis-adjusted (according to the local Champion
guys).. so I was going to tinker with it... 

The whole time, white smoke came from the tailpipe.. even with the choke in,
and the truck warmed up.

Is this something that should go away with some more use?  something that is
just annoying but not damaging?  Something that I should probably remedy
before doing the engine swap?

A friend suggested the rings have dried up from non-use, and shrank some,
causing an imperfect seal...

What should I do?...

1972 Scout II, original 304A, 63k miles

-Tom Mandera, Helena MT
http://www.tmcom.com/~tsm1/scout