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Valve seals are on their way out, allowing oil to sneak into the combustion chamber. Typical Chevy SBC problem, nothing to really worry about unless it embarasses you.
Sounds like valve stem seals -pretty common in high mile cars. Not really anything to worry about unless it is excessive. What you may be seeing is steam from moisture condensing inside the exhause that vaporizes at start up.--even less to worry about!!
It did embarrass me so I spent $700 on fixing it. (the rest of the car looks great) Thought of replacing the seals myself but did not have a tool to keep the valves from falling into the block. Repainted my valve covers also. hefty price but i figure on going another 75k with her.
I've noticed LT1/LT4's tend to pump a bit of black smoke at startup-slight rich condition-seems common and normal. This is barely perceptible mind you.
Sounds like this is blue-I would agree that it is valve guide seals/guides. May want to investigate on exactly what they did to the cylinder heads-surely they would replace the seals...:(