Originally Posted by 
Judo
				
			 
			x2 on Steve's comments. You need the internals to warm up to get proper compression.
As you know I don't have a lot of hours with my Isuzu yet, but I know it puffs enough white smoke when cold to be considered anti-social. It's enough that I expect some "mechanically uneducated" friends will comment when they see it and tell me something wrong.
Every time someone mentions a rebuild of any kind for the Isuzu on the forums, the consensus seems to be "don't worry about it". So before rushing into anything major I think the questions are: Has anything changed? (Have you touched the fuel screw?) Is it getting worse?
I recently purchased an el-cheapo compression test kit - for similar reasons - white smoke on start-up and a reasonable amount of blowby. I'm not expecting a problem, but I thought a health check couldn't hurt. If my compression is OK, I'm going to carry on business as usual. Do you have a compression kit? Mine was only $60 on ebay. If logistics are feasible, you're free to borrow it.
Lastly, I suspect Canberra winter might be your issue! Remember diesel don't like the cold. Without additives diesel won't burn below about zero. Would you be running winter diesel now? (I guess so). Even Canberra winter diesel is probably only "good" to minus a few degrees. How cold is it when you're starting it?