Thanks for the advise Wasuchi, I have been meaning to clean out the injectors soon anyways...

The problem still persists after starting it up 4 hours later, heavy white smoke upon loading (rev up to 2000 Rpm's and punch it up to 4000 or so does a nice big cloud). I inspected the fuel lines and the line going from the second filter (big cylindrical one) to the Ignition pump has some evidence of small air bubbles at higher RPM's.
* Is it OK to get some air in the fuel system? I think that is what might have happened when the priming pump leaked when I was pumping it.
* Is it required to manually bleed out the air from the fuel system or does it automatically purge out the air after a few seconds? Someone please advise.

Thanks,
Billy