Exhaust smoke on cold startup

I'm not sure if this is something I should be concerned about, but I figure a few opinions can't hurt. My 74 850 is emitting grey smoke on a cold start for the first couple of minutes this is especially noticeable after she has sat for a few days. Once warm the exhaust smoke is gone and it runs strong, is this something I should be concerned about? I am new to Norton and am kind of a fanatic about her already!

Perfect Nortons don't never smoke, but grey sounds more like a bit rich till warms up rather than white-bluish oil smoke burning, but likely a bit of both. Enjoy as its Common normal behavior on 1st cold starts til neighbors complain about the pollution.

Hobot's comment about grey smoke being rich sounds reasonable.
I'd pull the plugs after chopping from high rev, no idle to see if they are sooty.
Best if start with new plugs.
If sooty you will want to adjust carbs.

However the comment about it being worse when sits longer brings up possibility of condensation being burned out. This will depend on your night time temperatures and humidity and temperature at start up.

If smoke has any blueish quality then I'd think maybe it is wet sumping, which is consistant with it being worse after sitting longer.
Do you have a check valve on the supply oil line down from oil tank?
Lots of wet sumping threads on this site to help diagnose and solve.
Easiest is after running pull drain plug from bottom of engine and note how much.
Let bike sit a few days and again pull drain plug and compare amount that comes out with previous hot drain.
It'll be obvious if wet sumping.

Bluish smoke could also be oil burning by way of rings, valve guides, loose valve guides or intake valve seals.
However since it is only at start up then goes away I wouldn't expect any of those.