I think the smoke you are seeing is condensation. That is typical around this time of year. The exhaust gas is hot, and the exhaust system is cold as is the ambient temp. Making some steam from the exhaust.
As for the odor. It is difficult to say how much you should smell. Exhaust does not smell good. That is normal. I can not tell how much yours smells like fuel. You may be sensitive to a fuel smell. Our cars are pretty damn smart. If they are running rich, they will set a code. Almost always turning on the check engine light. If you want to make sure, go to your local autozone and have them scan the computer.
You said that you have just bought it. It may have sat for a while. I will say that when I start my 98 after sitting for a while ( drove it 145 miles this year ) it does tend to set off an odor. But I am in the garage when I start it.
I guess it comes down to disgression. If the fuel smell is so strong that it tears your eyes, you may need to have it looked at. I would not worry about the steam that your exhaust is letting off.
Does the odor change after you have driven the car. Does the exhaust still smell rich after a drive? Our cars will run slightly rich during warm up. That is normal operation. It is done by the SAI ( secondary air injection ) making the O2 sensors see more oxygen than the motor is acutally putting out. Making the car compensate buy using extra fuel. You may just be sensitive to it. Most people are very careful and notice everything right after they buy a new car. I am sure yours is ok.
If you have not already done so, I recommend you get to reading on
www.v8sho.com Also, get the cams welded if you have not aready done so.
Mike