If it's only smoking from cold I would start with the stem seals. Go to Ford and get the one piece top hat type seal. You will also need a valve spring compressor. I would take all the spark plugs out to make turning the engine over by hand easier (you need to bring the piston you are working on to the top of its stroke to prevent the valve dissapearing into the combustion chamber). Also push a rag into the oilways of the valve you are working on as dropping a valve collet into the engine is a right fucker.

It should only take about 2 hours to do.

Be wary the car may struggle to start as oil is allowed to get into the chamber when the old seals are removed.