blue smoke is caused from burning oil, which is most likely coming from the valve stem seals. when the car sat, the seals became dry and oil can leak past them into the cylinders. a good product that can help that problem is Lucas engine stabilizer. it's about 10 bucks, but for your engine you should only need half the bottle and it will help to rejuvenate the seals.
as for the check engine light and the trouble codes, they are designed to tell you where the problem MAY be, not that this is the ACTUAL problem.
try unplugging the O2 sensor prior to start up. a weak or sluggish O2 sensor can cause the engine rpms to fluctuate. with the O2 sensor unplugged the computer will go into a limp-in mode and the engine should idle better. if it does, the problem is in the O2 sensor. a new one costs around 50 bucks. the check engine light will come on and the computer will set a code for no O2 sensor signal. the codes can be cleared by removing the negative battery cable for at least a minute.
hope this helps, good luck.
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