1990 Ford Mustang grayish white smoke smells real rich of g

I have 1990 mustang v8, 5. Ol 4 bbl holley, 5 speed carbuerater, I just replaced plugs, plugwires, changed oil and filter, the car runs real good and strong, but it wont quit smoking, and the smoke smells like gas, the oil is fine, and the car runs fine, it just wont quit smoking, and when you just crank it up, it has a littlewater come out tailpipe, but when it warms up no water comes out, and I take off the oil cap, and a little blowby comes out, but the blowby smells like gas not oil, what could be the problem? I put I new powervalve in carb, and its a 6 to 8 lb electric fuel pump, and I have a regulater too, I put some marvrl mystery oil in gas, and put about 6 gallons of gas in car, I noticed a little water in tanks, the car set for a a while too, could it just have water and junk that needs to work out fuel sytem? Is it better to drive car around, or just let it idle to burn it off? Also im running a points distributer, I put new points on it, the motor dont miss or sputter.