F-150 7700 problems

I have a 2002 F-150 7700 with 5.4 liter enginer & 78K miles. Lately I have noticed 3 problems which may or may not be related:

1. at start-up the engine races considerably above idle - this has been increasing over the past few weeks; rpm's settle down to idle in approx 15 - 20 seconds.
2. I have been losing a small amount of oil. There is no leak.
3. Upon start-up the exhaust emits a significant sized puff of light brown smoke (does not look or feel like burning oil).

I'd appreciate any ideas on what any of these are and if they may be related; also any advice on what it would take to fix (e.g. experience/parts).

Thanks,
John

EIC valve (engine idle control valve ) may be hanging up or a vacum valve is cracked and leaks until it warms and the valves opens