Hi,the idle adjustment is at the rear of the pump,if you look down behind it you can see it there'.As you have already checked the oil in the pump you can now go to the next steps.
But first some basic rules

1/Never touch the injection until the ignition is perfect
leave the compensator alone!
2/ Make sure all valve clearances are to specification.
leave the compensator alone!
3/ Examine the linkage from the throttle body to the pump.
Any wear in those ball ends will cause things like excess fuel ( rich running) and hesitation on aceleration. Aceleration should be instant . The quick way to ensure correct linkage positioning is to ensure that the pump is at throttle stop position and at the same time the throttle is also closed completely and no movement in the linkage is detectable. Read through the m-100 site for instructions on making a guage to measure the movement thoughout the throttle range.
leave the compensator alone!.
4/ Check both cold start valves tp make sure they are not leaking internally. On the rear of each valve is a small bolt,with the igniton on and the car not running ,undo this small nolt (8mm on some) and if fuel drips from there you have a leaky valve. This must be repaired before progressing further.
5/ Once the cold start valves ( there are 2 one on each manifold) are correct, you then need to use a CO meter,it's hopeless even thinking about tuning a 6.3 without one.
6/ The engine must be hot ,a minimum of a 5 mile drive is needed to vget the car up to normal temperature of at 175F or 80 C.
7/ If the car is running hotter than in a normal drive or heating while idling,the thermostat for the radiator must be checked and the fan clutch examined. Again,it's a pointless exercise if the car is not in road driving state when tuning the mixture.
8/ Remove the rubber hose running from the throttle body to the air cleaner. Below this is another 1" hose. Remove this .Start the engine and while it's at running temp. feel the end of the hose. if there is any vaccum at all the fuel pump thermostat is fualty and needs to be replaced.
DO NOT ATTEMPT TO ALTER THE SETTINGS OF THE VALVE UNDER THE THERMO TO CHANGE THE VACUUM EFFECT.
It's far easier to simply replace the thermostat.
Once you have done all this check your CO readings. Factory settings are most important. Becauase this is a mechanical system it runs at a higher CO level thna most people would realise ( Kjet .05 as an example) .
The correct setting at 600 RPM is approx 4.5 . When you put it into gear with the air on the CO will rise because it will still be pumping the same amount of fuel but drawing less air .
Keep your foot off the brake pedal when doing this because that in effect cuases it to read leaner. A leaking booster completely alters the readings... to read too lean.
You can test the load range readings yourself with a CO meter under load in 3rd gear (ONLY!!) for a few seconds at 40 mph.
With your foot on the brake ,and some one to read the CO meter on their lap in the car, place your foot on the brake and hard on the acelerator for around 5 seconds. You should get a reading of approx 3.0 Co.
Anything significantly more ,and you have followed the above correctly , then the pump 3D cam is worn. it means a rebuild.
Smoke under hard aceleration is normal ,Not big clouds,but a puff of brown smoke as the pump delivers slightly rich for a few moments. Good luck with the emmisions test.