Same problem with my 4120, now with close to 100 hours: heavy white smoke on cold start. Happens about one out of three starts. Doesn't seem to matter whether it's cold or warm weather. I can stop the smoking by turning tractor off, then back on, as though something is being reset.
Dealer has the tractor now, fixing that and my erratic fuel gauge. (Thanks to TBN and Joecdeere, I was able to give them the exact part number for the fuel gauge fix.) I'll report back on whether their fix works for the smoke and the gauge.