More often than not, the puff of white smoke upon start is a result of oil leaking past worn valves/valve guides and resting on the top of the piston. When the car initially starts, this little puddle of oil burns off and creates the short puff of white smoke.
The only remedy for this is to have a valve job done on the heads. With the high price of labor these days, a new set of heads usually isn't much more than it costs to have yours rebuilt. Without knowing all of the specifics of your motor and how you want the car to perform, I'd recommend a set of low mile GT-40 heads from a late model 5.0 Ford. Make sure they're not GT-40P heads thogh as "P" heads require different exhaust manifolds. Search Craiglist, eBay, etc. and something you're looking for should turn up quickly. For the camshaft, I'd call one of the cam manufacturers (Crane, Edelbrock, BlueRacer, SummitRacing, etc.,etc.) and discuss your desires with them. They'll know best what cam would suit your motor/driving style.