I think it is great you are giving this job a go yourself. Sure it’s easier to take it to a mechanic, but not as much fun. Whether you save money doing it yourself, who knows? Time will tell. If you were working on a 2014 Porsche 911, probably not a good idea. But on a 1994 Camry I think a DIY job is worth the risk.
Anyway, liquid coming out the exhaust can be normal when the engine is cold, but not always. It’s possible the head gasket was the wrong one, installed w/the wrong orientation, needed to have some tab or another removed, or is otherwise not working, and leaking coolant into one of the cylinders. So double check what’s coming out is just plain water. Coolant has more of a slick greasy feel to it than plain water. Did you torque the head bolts in the correct cylinder sequence, with the correct steps of increasing amount of torque? You say you are having problems with the camshaft timing and clearance? I don’t see how provided everything is put back together correctly, but if so, it’s possible then you some damaged valves when they hit the pistons. Cross you fingers it’s not that. Here’s some other things to double check:
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Read the procedure in the factory service manual again. Maybe there’s something you forgot to do.
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Read the DTC’s.
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Vacuum connections are correct.
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Make sure EGR only activates when it should, and isn’t sticking open.
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Valve timing. Make sure the timing marks on the cam sprockets and crank sprocket are still correctly aligned.
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Idle rpm (I presume you already have verified the ignition timing.)
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Test for leaky intake manifold or throttle body gaskets. Spray starter fluid near the gaskets, see if it makes a difference. (Make sure to have a big fire extinguisher nearby.)
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Test for exhaust gasses in coolant using a chemical test kit.
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Valve clearance.
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Compression test.
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Leak-down test.