Blue smoke is an indication of oil burning. I would suspect oil rings, or maybe it was parked because It used a lot of oil. I would guy a gallon of Marvel Mystery Oil and squirt each cylinder full of it and let it set a week or two. I have saved a lot of old engines like that. Of course, if its worn out, its worn out. But if its stuck rings, there is a good chance you can make it drivable. Its worth a try.
