"Blue" smoke and "white" smoke are often confused. "Blue" isn't really very blue, IMO. First, you have to make the distinction between smoke and steam. Steam from water or coolant in the combustion chamber will disappear into the air as it cools, the way the normal condensation steam from your car's exhaust does on a cold morning. Smoke won't do that; it just thins out and drifts away. If it's smoke, and it occurs mostly on cold starts, and/or when you rev the engine and let it coast down, and then get back on the gas a brief puff appears, that's normally valve guide seals. If it smokes under a load continuously, it's almost certainly rings/piston/cylinder condition.
Black smoke is fuel. Whether you buy the tuner, borrow one, or stop by a shop, you may want to plug in and find out how the bike is currently mapped. May be mapped too rich. Another possibility, apart from the sticky/leaky injector mentioned before, is that the bike has no thermostat, and the EFI compensates for low engine temperatures automatically. In places like Montana, where it gets, um, "chilly" this time of year, the combination of low outside air temps and big radiators has lead to coolant temperatures of less than 140 degrees, and the EFI enriches the mix to cover it. The result is more extra fuel than the engine needs. Some people in the frozen north have taken to covering part or all of one radiator in the late fall and winter to correct this.
U.S. pump premium at 91 posted anti-knock index is normally enough for 13.5:1 compression even at sea level. At 4500+, it won't be a problem at all. The higher you go, the less octane rating is required because the thinner air reduces the dynamic compression pressures.