When you say "smoke around the exhaust pipe" are you referring to smoke coming out of the muffler or smoke like something's burning on the exhaust manifold in the engine bay?
Did you follow the TSRM's instructions while doing this whole project?
Stop worrying about driving it right now... you need to get all the little kinks worked out. Is it idling steadily? Have you checked the wire running to the oil pressure sender? If the wire running to the oil pressure sender is connected securely you need to stop running the engine and look for the source of the problem. If the pump isn't actually moving oil for some reason you're going to kill the engine pointlessly. Did you apply RTV where the cam cover goes up over the #1 cam cap? How's the ignition timing look? Any diagnostic codes? If so, post them here (but don't give them much creed at the moment) clear them then check after the next time you run the car for a few minutes.
Check your oil level!
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