Ok, so I was told that the IP had been removed from this engine, then bolted back on. Currently the timing marks aline, the car will start and run if I give it at least 25% throttle, smoking the whole time. If I let up on the throttle the engine dies.

I'm kind of thinking that the IP timing was altered from its setting when it was replaced.

Can I unbolt it and turn it a little to adjust it? is there a home way to adjust it? Does it require special tools etc?

I'm going undo the feed line and try and run the car from a bottle of fuel first to see if it's a delivery issue.