Here's the response from Lancing Marine:
BLUE smoke on start-up is not endemic on 2725 Fords, more indicative of drain-down of oil from somewhere and the only source I can thing of is oil carry-over from the rockerbox ventilation.
To test this, you could take a family-sized Coke bottle and a length of hose, pushed on to the rocker cover in place of the vent valve and going half-way down in to the Coke bottle, to see just how much ids carried over and if this givees you a clean start-uup.
And the response from American Diesel:
If the smoke never really goes away and the engine seems to be running cooler (below 180 (F)) -
A) Have the injectors "pop" tested by a local fuel injection shop. Clean and/or rebuild if necessary.
B) If the engine temperature never "levels off" as any thermostat controlled engine would, your galley water heater may be connected to the engine in such a way to bypass the thermostat.
C) Engine never levels off and you can see water moving into the header tank immediately on start up, your engine may not have a thermostat installed.
D) Compression may be compromised due to excessive glazing of the cylinder walls (result of too much oil in crank, too heavy a prop load, operating hours greater than 15,000)
If the smoke is heavy on startup and is all by gone at operating temperature (182-185 (F)) - Likely an environmental issue and you might consider one of the following -
A) Use a space heater in close proximity to the engine block to warm the engine and imitate a warm engine restart.
B) Consider installing a block heater to warm the engine coolant.