Hi David,
Condensation indicates the lubricating oil has absorbed moisture. This often happens when a vehicle stands around for any length of time.
Then, when it is used and the engine reaches its normal operating temperature for an extended period, the moisture evaporates leaving the impression the car has used more oil than it actually has.
Shorts puffs of blue smoke on start up are common for flat plane boxer engines, although extended smoking may be indicative of problems.
Porsche state 1 litre every 600 miles would be considered normal consumption for a 911, but in practice we find 997's usually use much less. However, 1 litre per 1K miles or so would not be considered abnormal for a vehicle having covered 55K, as clearly some engine wear will have taken place.
I would be inclined to just accept it, drive the car, enjoy it and put oil usage down to normal running costs associated with a high performance sports car. 5/40 grade oil should be fine.
If you're still worried, cylinder compression and/or leakage test results will indicate the extent of wear in the engine.
Regards,
Clive.