Will foam tape stop condensation on metal windows

Are you saying that you manually insulate the window on the inside with foam board to prevent heat loss? If so, this is completely expected. What's happening is that the insulation is doing its job by preventing the movement of heat, thereby keeping the glass colder. However, it sounds like the installation is not airtight. As a result, any moist air that goes through or around the foam board and touches the glass finds the perfect surface to condense on: something vertical, hard, and cold. So it does. If you want to manually insulate a window on the inside like this, the insulation must be absolutely airtight to prevent condensation. The more expensive but more correct solution to the problem would be to replace the window with a higher-performance one, likely a triple-pane. Low-E exterior storm windows are good too, and a lot cheaper, but that might be hard to do on a bay window.

How much moisture is ok depends on the window frame material and the material that condensation may drip or seep onto. The primary issue is rot. If your storm windows are aluminum or vinyl, some condensation will not likely cause damage. Wood windows will see degradation of their finish and ultimately wood decay.

The only way to completely prevent condensation may be to increase ventilation between the storm windows and the inner windows, but that obviously decreases their thermal effectiveness.

Your best bet, if decay is a concern, might be to forego the old-fashioned storm windows and use plastic sheeting on the inside of your windows. In my experience, you may still see some condensation on your windows in this case, but only as ice when it's extremely cold.