It's possible the blue smoke is from unseated rings, which needs the high pressure in the cylinders to seat properly. I'm not familiar w/your build, because other factors play in w/blue smoke, i.e. valve seals, leaking turbo, etc. If you smell fuel, it's most likely rich. A w/b 02 would help you determine by how much. Typically you are leaving hp on the table when running rich.
Bob B. gave some info on another thread recently, w/in this month I believe, about "running rich". Sorry I don't remember what he stated, because I'm not using his products at this time.
I'm not familiar w/the tc light, if you can post a pic of the schematic or an explanation of it's workings, it will better aid in a explanation/fix to the problem.