87 325 runs good when

It's the automatic choke!

The choke is "closed" or barely open... When cold, the engine needs a RICH mixture (more gasoline, less air). When the engine warms up, it requires a LEAN mixture (less gas, more air).

It is probably creating BLACK tailpipe smoke ... that means unburnt gasoline. (Blue smoke is OIL, white smoke is WATER).

Put the parking / emergency brake ON.
1. Remove air cleaner assembly from intake, use a carb cleaner spray or throttle body spray cleaner and spray just a little. (AutoZone $5)
2. Find the accelerator arm under the hood.
3. start car, rev the engine to make sure how to operate the accelerator from under the hood.
4. Carefully spray into carb / throttle body and work the accelerator ... don't let the engine die...
5. Watch out for "backfire"... it may create a small flame out of the carb. It will extinguish itself in one second.

6. You may need to do this two, three times.
7. Add a "complete fuel system cleaner" to your next tank of gas ($8).

That's it! ... pretty cheap, too.

Hope this helps!