smoky new engine
Joseph,
regarding the blue smoke:
A new engine will smoke a bit as it burns off the assembely lube used to put it together. Also, If you have a new exhaust, the coatings used to prevent rust will smoke a bit too. If your using an existing exhaust, there may be oil in it from the old engine. Rings may smoke a bit too until they seat, but that should just take minutes.
Regarding the black smoke:
Get this taken care off ASAP. If you don't, you'll wash the rings down and it will never stop burning oil.
I hope that you followed a cam break in procedure if you're running a flat tappet cam as recommended by the cam manufacturer or the rebuilder. It's a bad idea to just fire up flat tappet engine for just a few minutes.
I hope everything works out for you and good luck!