The multigov is about as easy as it gets. Plug in the little programming screen and flip the flight mode switch, each switch position you can set an RPM and mode (Governor or Rev Limiter), plug in the gear ratio and set the throttle end points and you're done.
If you can hold your finger on the backplate for 10 seconds its too rich, you want it fairly warm to the touch with it being uncomfortable in 5 seconds or so.
As for smoke, that really depends on the fuel (specifically the oil package). Some don't smoke much, some will belch smoke right up until the motor burns a hole in the piston. Checking the backplate, and listening to the engine are how you tune it. I know thats hard when you don't know what you're listening for. One of the things you can do is fly it around a bit to get her nice and warm and hit throttle hold. If it does a rat tat tat it's too lean, if it settles into a nice idle then you're probably in decent shape. I also do climb outs both upright and inverted and listen to the motor.
Check out
http://www.raptortechnique.com he's got a couple of good articles on engine tuning.
Also, this isn't free but may be worth the few bucks, its a couple of the top US pilots explaining nitro engine tuning.
http://www.smacktalkrc.com/archives/109