I'm not familiar with your engine (never owned one), but blue/white smoke would seem to indicate oil being burnt at that particular moment. The 2.3 is a Fiat-only variant; in your place I'd want this at least explained.
The handbrake thing is (seems to be) more or less standard. I'm not completely familiar with the detail, but where you have disk brakes on all four wheels, the handbrake (just acting on the rear wheels) can't be applied mechanically in the same way as the footbrake. If it does, there is a risk that with hot brakes (pad / shoe / disk) the brakes grip very well, and then release slightly as they cool down (this was I believe a common fault with Iveco Dailys a few years ago). There is therefore some mechanism to keep the handbrake gripping tight, and the behaviour you've noticed is probably a side effect of this.
Merc Sprinters get round this by having both drums and disks on the rear wheels, with the drums solely for the handbrake. Just a different way of designing around the issue!