Darryl,
While your engine may very well be tired, I've just had my 2.7 MFI engine rebuilt -- completely -- and it smokes for about thirty seconds (hand throttle up all the way -- engine oscillating between 2-3,000rpm) when dead cold, i.e., after a night in the garage.
The smoke is a symptom of lubrication, not always wear, and is one reason why these engines last so long.
Matt Holcomb
1974 911 Carrera 2.7 Euro
1975 Mercedes-Benz 280SE
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[This message has been edited by Matt Holcomb (edited 10-24-2001).]