My truck has an original 230 engine and it sat for many years before I got it. It was stiff to turn over by hand, but not "locked up". When it started for the first time, it did a lot of smoking. But after running for a few hours off and on over the next week, the smoking stopped and it became much easier to rotate the crankshaft by hand (via the fan blade).

I think the description of the color of smoke above is accurate.