Here is something I saw on FBody.com where I post a lot at. It sounds kind of similar to your problem, or at least it might be applicable in some way. I dunno, it might help.
Here's the thread link if you want that:
FBody.com Message Board
"During the past few weeks Ive experienced some issues while starting up my Firebird. The issues included a rough start/engine stalling, smoke and liquids coming out of the exhaust for the first 10 to 15 seconds after initial startup (after several days on nonuse). I had been considerably worried about this given how much has been spent on my built engine block and the amount of pressure that is actually being exerted on each cylinder due to 15 lbs of boost from a T70 turbo. I could only imagine that the worst was happening. Anyway...after about 15 to 20 seconds all those initial issues would go away and the cars runs perfectly fine.
It was all explained to me like this....
The smoke that is created on cranking is coming from the engine running too ruch at startup...Tiago said that when he was putting in my speed density tune that he didnt have time to it to 100% even though he did get really close. This is just an issue that Im just going to have to learn to live with until we can get the tune better.
The liquids that are coming out of my exhaust for about 10 to 15 seconds after intial startup , which appeared to be composed of 80% water and 20% oil, were in reality condensation that is created in the engine block being blown out. The substance that appeared to be oil was infact carbon that is created during detonation of each cylinder. It occured to me after being told all this that the "oil" that I thought it was didnt smear like it should when I rubbed it between my fingers, therefore indicating that it was indeed carbon. Even so, given this issue, it still didnt last more than around 10 to 15 seconds before it stopped and blew out pure exhaust.
Im not sure exactly what is causing the rough start aside from the idea that the condensation and carbon could be causing it. Anyway....All this was explained to Tiago and he told me that I had nothing to worry about and that this type of stuff was pretty typical for an engine of its nature.
I guess it should also be noted that during this whole observation period that I kept a very close eye on all liquids under the hood and there was no drop in their levels."
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"For example, this past season there was a late 60's Vette running and on his first run there was "dark black smoke" all the way down the track. Run #2, nothing. This is common in all engines really. In 4 cylinders it's less noticeable, but once you get into 6s and up it's very noticeable. I have heard from a tech that worked on Vipers would get this one customer that would come in every 3k miles (oil changes) and report of this problem of "I have dark black smoke coming out of my car when I just barely get on it." He asked him how often he was giving it full throttle, and he said about once a month or so, the tech said get on it with full throttle once a day and you're problem will be solved. He never complained of carbon build up again "
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