Those compression numbers look pretty nice for a car with 265K on the clock. I doubt compression over 400psi is the source of any smoke, even if it is a little lower than the rest. I'd advise you to look elsewhere. Time to check the injectors (you already said the glow plugs are fine...)
Double check the pump timing too.
Joe

__________________
1978 300SD
Running Biodiesel/SVO, 2 tank system
127,000 Miles