If you are not running any type of chip or programmer you will not get very much smoke if any. The smoke is from excess fuel (due to a chip or programmer). I would stay away from programmers (unless you go with a good programmer like SCT) the 7.3 has chips available that you can switch on the fly. No waiting for a programmer to load. If you do decide on a chip I recommend Tony Wildman. He has some awesome tuning, plus if you ever decide to upgrade other components he will reburn your chip for free.
Unfortunately he is out of pocket for a while for personal reasons but if you are interested you can check him out here
www.totaldieselperformance.com