Tuning by smoke can be a bit tricky as well as you need to "learn" the fuel you run.
Byrons 12% lube smokes quite a bit
Byrons 9% lube smokes less
Losi Nitrotane (what I use) smokes very little.
I would always use a combination of smoke and temps with the engine performance as well. Within certain limitations, the temp is not that important, but what is important is if the temps rise continuously.