Need help diagnosing bad start up issues...

[Jobe72]

I've had my 72 GMC for about 2 months now. 350/350 combo all original engine and rebuilt trans. Here is the issue I'm having...

Generally when I go to first start it up it cranks right over with a flip of the key regardless if it's cold or warm. But over the last two weeks it's been sputtering and stalling on me on the first start up of the day once I try to get going. Idles just fine, but when you get on the gas it acts up. At first it would go away after a few little spurts, but now it will stall at least once and be really hard to start back up...then once the truck warms up a little it's just fine.

Now I know the valve guides/seals are worn pretty good, it smokes at start up every morning but I haven't noticed smoke after that at all. I'm going to replace the carb with a Road Demon soon while I rebuild or have the Q-jet rebuilt. I've checked the choke and it seems to operating just fine.
Would the oil drain back from the bad valves cause this? Seems like a fuel issue to me, but why would it get better once it's warmed up?

Any help would be great...I've already sold my late model and my caddy is up with bad brakes! This is my daily driver!

Thanks.