Congrats on he new saw. The first thing I did when I bought a new saw was to get rid of the hold down foot. It just gets in the way. hold small pieces very carefully. I rarely adjust speed when I'm cutting, I set it where I'm comfortable with it, I will slow it down a little if cutting thin wood and delicate cuts. I don't normally lubricate the blade, I change them often when it seems to be getting dull. the blades are designed to cut one way, they will cut upside down but not like they should(don't ask how I know). The main body of teeth should point down. smoke is not normal the blade is getting hot and burning the wood, unless your saw itself is smoking.
good job on your first cut.