That can't be a good sign, nothing should be compressed or pushed out of the intake on startup lol. When you pulled the head did you touch the cams at all? How about the pistons/crank? You lined up all the cam timing marks when you put the head and new timing belt back on right? TDC compression also I hope? Heres the links again on how to set the CPS...
http://cygnusx1.net/supra/library/TSRM/ig/IG_21.html
http://cygnusx1.net/supra/library/TSRM/ig/IG_24.html