The guide on xbox achievements says that you cannot play through as the bad guy and get enough adam for all the tonics, for the achievement.
You have to play as the good guy and buy no health and eve upgrades. It also says not to buy additional plasmids. Remember plasmids aren't in the achievement just tonics.
I'm at work so don't have the link here to the xbox achievements guide for bioshock. I will put it on later if someone else doesnt.
Cheers guess i will play through at an easier difficulty and get that achievement then as i die too fast without health bonuses