Breather smoke after a long sit can often be condensation. Bike sat for 20 years, I presume you changed the oil before starting it up? Get fresh oil in there, do all the proper maintenance tune-ups - cam chain tension, valve clearance, points gap and timing etc, plugs, battery, fresh gas with a clean carb, then go ride the piss outta it.
If it's sat that long, it is a good idea to dump a bit of oil into the valve adjustment caps to ensure the top end has oil right from the get go. Since you've started it already, it's a bit late for that.
By the way, what kind of SOHC4 bike is it?
I get breather smoke regularly, out the engine breather as well as the oil tank vent ('74 cb750). The tell tale sign of vapour is opening up the oil tank cap and seeing some white foamy junk on the bottom of the cap, which is moisture build up. After a hard 60 mile ride it all burns off and the smoke goes away. The key is getting it up to full operating temperature and keeping it there long enough to burn off that moisture. There are even some out there who think it's not a wise idea to go on repeated short trips because the engine doesn't get hot enough to burn off the moisture. I'm not that extreme, but I see the point of the argument.