I have a 79 RX7 I built it about 4 years ago, and sold it then got it back about a month ago. It was in terrible condition when I got it back.
I am having a problam now, I just put new coils and plugs + oil in it today. becuase it was not wanting to start.
My problam is when it first starts it smokes really really really bad, like disappear into the fog smoke, then after about 90 seconds it is fine.
I should also state the exhualst is shot, it is beat at the manifold and at muffler and sounds like a tank,
The car is lacking in performance but I attibute this to the lack of back pressure.
What could be cuasing the smoking at start up? How do I fix this, and is it expensive?
Please help!

 

shot in the dark. is the smoke blue or white? If it is a bluish color as I am suspecting I'd say your side seals are gone. That may also explain the difficulty to start and low power. I do not see the exhaust system causing problems other than being loud. I say time for a rebuild. one more thing, how long does it take to start? Do you have to crank the **** out of it before your lucky enough for it to fire? It may also just be the oil metering pump saturating the chambers with oil and then it burns out once you are running.

also check out www.mazspeed.com and look for the atf treatment.