The blue smoke is oil being burned, a coolent leak would show as a white color smoke. I had a corvette that had bad valve seals which made it burn the oil that got in cylinders when I started it up. I also have a 79 firebird that I race, it has 5 years of racing on motor and rings are worn badly it smokes now when running. I would say from what you wrote that with 100k on the car it is probably in need of new rings. With that milage you may as well have motor completely redone. I hope this helps in solving your problem.
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2000 GT Laser red-5speed
MAC Cold-air Induction
MAC 2 1/2" cat back exhuast
275/50-15 Drag T/A's used at track
Best Quarter mile run to date: 13.50@99.97 (1.87 60')
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