Adjusted Valves, now it smokes

believe it or not, one of the byproducts of combustion is good old H2O (water). Of course adjusting the valves properly may have worsened the effect cause you have improved the combustion process and therefore put more pressure in the cylinders. this may have caused more blowby which sometimes accentuates the water vapor effect and of course puts more smoke into the exhaust, DDo you loose any water from the cooling system? If you are not loosing any water then I would not worry about it too much. Water will condense in the exhaust system more so in the summer than in the winter and it is most pronounced in the morning. Think humidity.