Freshly rebuilt engines should not have blue smoke coming from the exhaust, under any conditions or circumstances. Before doing anything else though, are you getting proper crankcase ventilation? IF so, I'd be going back to the mechanic that built this engine and demanding an explanation, either with some money returned or preferably to have it torn down and gone through correctly to fix the problem. If it blows smoke after warming up, it should blow smoke while cold too.
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