Engine Just finished upper motor, now smoking? Help!

So l finally had a chance to pull the upper this evening and the upper gasket looked great (no surprise here).
I put my torque wrench on the lower bolts and man were they loose. I was able to turn all 12 bolts when set at 16 ft/lb. I then moved up to 25 and they obviously tightened alot more.
So my questions are:
1. Could these very loose bolts (front and rear most were the loosest) cause coolant to be getting into the exhaust?
And
2. Is there any chance that tightening these up to spec will be okay, or should l remove the lower intake and use new gaskets??

1. Possibly
2. Possibly
Fire it up and see what it does.
 
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1. Possibly
2. Possibly
Fire it up and see what it does.
Another question: is this the correct gasket to go on the throttle body or do l have the wrong one?
I didn't use any RTV on it when l installed it.
 

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I am questioning the TB gasket as all the online pics l see of the replacement gaskets for the 70mm TB don't have the small rectangular hole.on the bottom like the one in my photo does???
 
K...had some coolant leak out upper intake when l took it off and just wondered if l was getting a coolant leak from the TB into the mani which lead to the exhaust smoking. I did install a GT40 intake. My stock Iower/upper intake had a 70mm TB installed on it when l bought it, and l removed this and re-installed this on the GT-40 setup.
 
Got the lower mani all snugged up, bypassed the coolant lines on the TB. Took it down the road, and got real hot after just 1/4 mile. Shut and down. Looks like HG are cooked. Unreal, l just replaced them when l put the new heads on.
 
I put a new 190* themostat in when l put in the lower manifold. Used new ARP head bolts. Not sure if all the air got out of the system or not, but warmed it up to operating temp, put the rad cap on, and as soon as l took it out on the street the temp gauge spiked way high and l had white smoke out of both the pipes. Sux