You dont fix idle using the cable... that is just for slack or if your not opening 100% at WOT. Use the BISS screw on the throttle body to adjust idle. If its dying at idle then its either to low or you have a vacuum leak or something.
White smoke out the exhaust pipe could mean blown head gasket, and coolant is getting burnt. The tube off the valve cover just releases oil when under pressure... mine hangs into the air and is vented to the ground... nothing comes out except a little oil. Normally its plugged into the rubber (stock) intake pipe.
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