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My ‘76 does that (maybe not quite as much, but close to it) when it has been sitting and it’s cold(er) outside. My old ratty ‘75 was worse, and probably needed a valve job but I sold it before it got real bad. I’d use the “puff of smoke on start up” as a data point, but only that. As Rowingone says, get compression and leak-down. That will be a bit more information to throw into the mixer.
Best of luck with your purchase.
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Tom
'76 Targa
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