Super short YouTube video
It's breezy out so I noticed it by the engine, and my first reaction was to look for oil leaking near the exhaust. But it was definitely coming out from the tailpipe (and leaky old exhaust). Smoke smelled lightly of oil burning and was white-ish or light blue-ish, but blew away quick due to the wind. Oil pressure gauge showed near "H" while running.
Before startup I ran an oil priming tool for 3-4 minutes while turning it over manually to put oil throughout the engine. Pressure gauge showed oil pressure while priming. I used Red Line engine break-in additive with zinc in the the oil and topped off the level before startup.
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Started it up a second time and it didn't smoke right away, but did smoke like the video above within a couple minutes. Smoke increased when engine was revved up (didn't go above 1500).
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I just don't know what to expect so I shut it off out of caution, and I don't remember this much smoke at first firing when I put a rebuilt 350 into my Nova 15 years ago. Do I need to rev it up higher to seat the rings? Should I do the 20 minute break in at 2000rpm and just let it billow out?