Like HH56 said, black smoke indicates rich mixture. Could be as simple as the choke being on when started.
White smoke is condensation. You didn't say how long it smoked after starting. Could be moisture in exhaust system or combusion chambers from the last time it ran.
Check out the smoke from the exhaust stacks in this 4M-2500 at Mystic Seaport. I would assume that, as the museum is demonstrating the engine they have restored it and it is operating normally.
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