You mention fuel pump not adjusted yet. It should be checked of course and may or may not need adjustment. Injection pump being the fuel pump of course. There are several reasons it may not be timed correctly. It is a common culprit to make smoke.

That is the earlier engine. Find the line from the vacuum pump to the intake. If there is any oil in it can produce this effect. Oil would be getting by the diaphram in the vacuum pump. You may have a later engine where the line goes back to the engine block. This cannot create that issue. I often wondered why they did not just let the line vent to the atmosphere. In service it just provides an equalizing effect for the movement of the diaphram on the non working side. Of the vacuum pump diaphram mostly. This is a bit of a long shot but not totally uncommon either.

How is your air cleaner? Really dirty can make smoke and hurt fuel milage. When I have a suspect air cleaner I just remove the filter temporarily for a test. If a visual examination is not adequate.

First of all there are variouis ways to determine if the smoke is unburnt fuel or base oil. A lot of owners run their engines at the half way point between the marks on the dipstick. Otherwise they found the oil level fell fast until it reached that approximate suggested area of the dipstick. Probably not all of their diesel engines of this era do this. Yet many seem to after an oil change for example.