I doubt the idle vmcontril valve would cause this. My ICV failed and the car wouldn't idle, not spew smoke. The ICV does need to be cleaned over time though.
Here is the Pelican Parts DIY article on cam timing:
http://www.pelicanparts.com/bmw/tech...aft-timing.htm
Here is a thread from Binmerforums which delves into some more detail and might help too.
http://forums.bimmerforums.com/forum....php?t=1247693