Blue smoke when pressing on it a bit ?

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How much smoke? Valve seals will do that (especially when cold), also piston rings. Does it still run strong, or can you feel a difference? You should have a compression check and/or leakdown test done.
 
Blue smoke: Burning oil
Black smoke: Burning fuel
White smoke: Burning coolant

It's possible your vavle seal or piston rings are bad. Valve seal are more common, especially on stock heads. Pull the compression and see where you're at.