Well white smoke is usually a indication of coolant getting in the combustion chamber and blue is most likely worn rings if it is consistent if it's only on start up you could bet your valve seals or guides are worn and your compression check basically already indicates a worn motor because I believe the compression on that motor is more in the 170 range if I am not mistaking and should not be more then 5 to 10 percent of each other check the book to make sure good luck.
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