Things to check now are:
1.

What's the voltage output from the AFM when this is happening?
2.

Unplug the cold start injector

/ check if it's open continuously
3.

From cold, start engine and release rad cap

- any bubbling? let's just be sure this white smoke isn't water and the smell is just because the water quenched the spark.

The BGB

(actually the blue 3sGTE engine supplement) will have a step-by-step fault find procedure for this scenario, suggest running through it

paul