Not too sure scoof. My friend's 2001 GT does the same thing at times. He hasn't become concerned enough about it to check into it yet though. If it doesn't seem to be effecting performance or getting worse, you may want to just hold off on ripping the engine apart again. A cobra engine is an entity of brute force, and it goes without saying that stresses on various components can cause wear and tear prematurely.........you aren't smoking off your radials or burying your speedometer needle on a regular basis are you???:* lol.
I'm no automechanic however. If its bothering you then have someone look into it. But I can tell you that a fare share of performance rides that friends of mine have owned in the past started spittin puffs on startup at some point in their life.
Best I can say is that as long as the smoke doesn't continue to pump out after it cranks up, then you probably don't have anything significant to worry about.
