Silverado 88 350ci Long Start

I have an 350 ci 88 Silverado and it doesnt start rite up and when it starts some white smoke comes out out the exhaust. The only time it smokes is when i first start it up, it doesnt smoke any other time. I have heard about the possible replacement of the Fuel Pressure Regulator. Is this true, will it stop the smoking at startup and slow starting? Also where is the Fuel Pressure Regulator located and is it anyway I can check it.?

Thanks