How much oil is it using? A little smoke is no big deal, as long as it's not using a lot of oil or losing power. It's just showing its age a little. Oil is a lot cheaper than engine parts, especially on a 216. Leaky valve seals tend to blow a little blue smoke on a cold start, and/or you'll get a puff of smoke after coasting for a distance and getting back on the throttle. Your symptoms sound a lot more like the piston rings are getting a little tired.
Jerry

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