Orange Magic can be smoky with a high nitro content powder. e.g. TiteGroup.
Otherwise it smokes about the same as any 50/50 ALOX, bees wax mix.
If you want great lube, with very little to no smoke, use Lar's Red Carnauba or BAC.
Cheap too.
I blow 330gr .501's downrange at 1900 fps with zero smoke or leading and accuracy is excellent.
HTH