I vote for low compression based on crankcase venting some gases while running. Once it's got a little heat in the engine it'll run "ok", but when cool, barely starts. Almost a telltale sign of low engine compression. Check valve clearance first. They're probably ok but check anyway. If ok you're gonna have to pull the head and inspect. Likely dusted is my guess. You might be able to see some sign of very fine dust in the intake tube. If you do, plan on a rebuild.