Blue smoke sounds like valve stem seals. Especially at startup, the oil can dribble down the shaft of the valve into the cylinder. It gets burnt off when the machine is started and smokes till its all burnt up.
The black smoke and lack of power. Start with the simple things, you have changed the air filter right? silly question, but it has to be asked. The next thing, if its blowing lots of black smoke, thats un-burnt fuel/excessive fuel. You did say its a little hard to start, so the compression will be down, so a little smoke is normal. I'd get the injectors cleaned/rebuilt. I assume it will have high hours as its a little lazy, they can block up and have a wrong spray pattern causing the fuel to dribble in or not form a mist that is easily burnt. When its not a mist, it will burn with lots of smoke and little power. Most of the fuel does not burn so you don't get the power it should have.
You can give the injectors a test by removing them, attach a high pressure tube line out the back of the machine and hang an inector in it from the pump. Crank the engine and see the spray. No fuel should pool at the tip, it should be a nice thin long cone. It should not spray out from all angles. I have done it this way before with good results.
Hopefully thats somewhere to start.