Engine Pulse and Smoke on Startup

[infinityent]

New guy here. Looking at buying my first 911. The one I've been looking at is a 76 911S with a transplant 3.2L engine. According to the current owner it has not been on the road in a couple of years. However, he does start it up and let it come up to temperature every couple of weeks. I'm not sure if that's really good or bad for the car.
When I was taking a first look at the car he started it up and it fired right away. Seemed to come up to idle fine and then it started "pulsing" like someone was pumping the gas to add a couple hundred rpms and then let it drop back down. Never seemed to drop below idle. The car also smoked quite a bit and the smoke kept getting stronger not dying out. I know a lot of these air cooleds will smoke at start up so I'm not sure I'm as worried with that. The car has been sitting in the same spot in the garage for a while and shows no obvious oil leaks.
Part of me thinks she just wants to be taken out of the garage, wound up and cleaned out heading down a back road. However, I may also just be oblivious to a major problem. Would any of you have major concerns with these symptoms or have ideas on what may be causing it? Cheers.

[timmy2]

Take it for a 1/2 hour spirited drive getting it up to temp and with 3-5K rpm running and see if it clears up. If yes, may be a good one, if no, run...
If yes, pay someone to do a thorough PPI.

[Alex973]

No rocker panels

[Alex973]

Do not paint oil lines black

[Alex973]

+1 on driving for half hour see it clears up if more smoke leave

Good luck