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It's a '84 5.0 HO out of a GT that has been rebuilt by a local shop and has 1700 miles on it, currently shoved into a 86' F-150. It was rebuilt to factory HP specs with no tweaking.
It's blowing a puff of oil smoke on a warm re-start for about 5 seconds and then clears up. On a cold start or under any throttle application, there are no signs of smoke.
I am thinking a valve guide/seal problem, anyone else have an opinion?
Well, take it back to the shop, time to have them sort it out, not you. Unless you did some mondo bizarro thing with the PCV system, it sounds like they left the valve seals off when they put the heads together.
It is also entirely possible that you mistakenly checked off the "James Bond Smokescreen" option on your engine build sheet...that has happened to me several times.......
Personally i would give it 3000 miles before i make any conclusions. If moly rings were used they take a while to break in and often will blow smoke for the first few thousand miles.....especially if you are using synthetic oil. you need a little bit of friction to break the rings in. I just find it hard to beleive anyone who rebuilds an engine would leave out valve seals and not notice.
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