My friend just bought a slightly used 03 Cobra. It only has about 9,500 miles on it and everytime he starts it up it will let blow a a pretty good amount of smoke. But I'm pretty sure it only smokes on start-up? Any clues to why it is smoking?
It is most likely the valve guide seals. It is a known issue and there is no cure. Get used to it and watch your oil consumption. Sorry, but this is what I was told by Ford.