hey...
no it's not normal, no it shouldn't do that..
the carbs on any 1981 bike probably need to be cleaned just for the sake of doing so.. it's 29 years old and has probably never been done, but if you're new to it, i'd ask some advice before digging into them.. there are ways to go about it to where you don't completely jack up your alignments when you put them back together / can get them back within a decent tolerance that's good enough to ride it to the nearest bike shop to get them fully adjusted when you DO put them back together etc etc..
anyway,
white to bluish smoke billowing out of cylinders usually means one of a few things..
1. water
2. oil
in other words, it may have a leaky head gasket on the left side which is causing oil to spill into the cylinders and is burning off (not good for it)
You mentioned that you had to get water out of it... how much water was in it? and did you start it before you tried to get all the water out of it?
there was probably water sitting in the bowls and lines that has to burn off... idk.. hard to say without seeing it.
if there was nearly enough water in the system to produce that kind of smoke, i would think that you'd need to do more than just clean the carbs though... everything the water has been sitting in over the years is without a doubt corroded to hell including the cylinders.. but we're talking a cup or so of water to make it smoke profusely.. it would also run like hell...
so given that, i'm going to go with the bad head gasket...
-Your servant is your master-