I believe your engine is ok mechanically. The vacuum being lower than stock is more than likely because of the cam. With the lower vacuum signal, the ecm thinks the engine is under load and it is adding more fuel. On the screen grabs I posted, notice the idle vacuum likes to hang around 45kPa. I believe you need a good tune. One thing to ask the previous owner is if he had the injectors serviced before you acquired the car. If it sat that long, there may be some "varnish" from where the injectors sat with stale gasoline in them. The smoke coming around the throttle shaft means there is some wear there. The smoke coming out the middle is probably coming out the IAC passage where the IAC valve was open for the next start.
Hope this helps
Brian
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