I have a very similar issue i've been trying to figure out.
1.5JZ swap MPT61 HKS 264 cams DM FPD Line, Walbro, 12vmod, 550's w/resistor, etc etc etc
I start the car, free rev to redline no problems. No smoke at all, i've hooked up my laptop and at idle my AFR is very lean, 15-22's. Full Boost...