The blue smoke indicates the oil ring has either gone ... or almost. It will probably use a bit anyway ... maybe not enough to cause a smoke trail behind you ... but anybody following will be able to smell it.
If the oil ring is suspect ... the compression rings will be similar. Low compression will cause poor ability to idle. The start would be cleaning out the carb/jets ... ensure the air filter is clean and in good condition. And the fuel filter is clean too. This includes the one inside the tank on the fuel tap. AND ... the inside of the tank has been cleaned out.
Lube the inside of throttle cables/controls/linkages as well. Adjust/set the idle when it has been warmed up.
But I seriously doubt a bike of that age/size will perform much better than it already is. Marginal improvent maybe.
When life throws you a curve ... Lean into it ...
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