Is it just my carb? (not happy while cold)

Ok my car doesnt seem to be happy when cold.

When I first start the car and the idle screw goes onto the cam as shown in the blow picture, it sputters a decent bit. I can stop it from sputtering by either manually opening the choke valve to give it more air or by manually moving it off of that large step on the cam.

But if I give it gas while cold it might spit out some nasties out the back, white smoke with maybe a hint of blue.

Everything is good when shes warm and the engine has warmed to the point where the choke holds the valve open and the idle screw does not get stuck on that large step.

Now the engine dont sound the best, maybe a bit dull, but it does run steady and fine when warm.

I wonder if I'm just having continuing problems with my carb or if maybe my engine might be a bit warn, (maybe the piston rings or something). Whats your opinion? ANY ideas?

(compression was good last I check, but I have the desire to check again. maybe I should check and read plugs? would do now but I'm not at my place.)

318 engine with carter 2brl solid fuel carb. thanks