84 300D turbo

So the car starts with a little puff of black smoke. no surprise there.

after 5 minutes of warming there is that blueish/whitish smoke- how much should there be- do I need to see if it is still there at running temp-

I know it needs a valve adjustment but what else can I do to decrease the exhaust smoke?

Will a dp help or will adjusting the ALDA do the trick?