Usually they smoke for the first few minutes as all the assembly lube and oils burn off and then they clean up the exhaust pretty good. I think you will have to run it a little longer and see if the exhaust cleans up .
I would be concerned by white smoke out the tail pipe after it has warmed up. White smoke = coolant consumption . Check your coolant level. If it is coolant loss it needs further investigation. A little condensation spitting out the tail pipe is normal till it warms up.
Heads need to be retorqued a few times after warm up and cool downs until the the nuts or bolts keep their tightness. Start there.
What kind of transmission are you using? In case it's an automatic, a ripped Modulator diaphragm may allow atf to be sucked into the intake and that will also produce white smoke, ask me how I know...
Thanks for all the response, I will check the coolant level, and retorque. I’m using 3sp 37-38 top load transmission.