Any check engine light?
Most common cause of idling issues is a dirty IAC.
When you removed the smog pump, did you make sure to cap everything off? any vacum leaks would cause a bad idle.
Other things to consider would be 02 sensors, if you can't remember how old they are then invest in a new set and go top of the line.
check your base timing before investing in anything though, do the free stuff first right? You should be at 10 degrees with the spout connector removed, speed density 5.0's love timing from my experience so you could try 14-18 degrees once you resolve your idling issues, my 88 LX kicked like a mule at 18 degrees and bolt on's and gears.
As far as bad or rich smell and water from exhaust, do you have cats? If you have cats then water is a normal byproduct, without cats then I don't have a clue. My car smells rich because I don't have cats, its just the incomplete combustion that would have been chemically taken care of by the cats is now going into the air.
Many people keep telling me I'm running too rich, I just laugh because my 95' GT runs awesome and gets over 20mpg average with an AODE in a 15 year old high mileage car, so I really don't think I'm dumping too much excess fuel, do you?