I have searched the forums and found this to almost match my problem. http://forums.toymods.org.au/index.php?t=msg&t h=35780&rid=8103&S=afa9df8f0d816b1178d1d3b 708755b15&pl_view=&start=0#msg_317932
My 1G is puffing blue smoke. It started 2 years ago, and now its pissing me off. When i start the car it puffs blue smoke and then went away once the car got to normal temp, but now when running at normal temp if i rev it, it also happens(notice it when idle). It uses a bit of oil (Mobile the one with gold lid). And just changed the oil it looks just like normal used oil.
Is that the stem valves really gone?
Just a little bit more info, regarding Now 'at normal temp if i rev it'
You only see the blue smoke after you rev the car, when its idling down to normal idle. (well when you are the only one looking at it, thats what i see) But no smoke pooring out if i rev and hold it @ say 5000rpm. If this info helps