To test your fuel delivery, disconnect the fuel line from the tank and run it into a small container of diesel. See how it runs with this direct feed. I think poor fuel delivery could produce hard starting.
The smoke could be a number of things. Oil can enter the combustion chambers via a bad vacuum pump diaphragm on that model I think. It also could be bad or sticking oil control rings. Compression seems acceptable, but you shouldn't have needed to shave the head to get those numbers. I makes me suspect the rings more than I normally would. Poorly adjusted valves can cause hard starting but with those compression numbers, the valves seem to be ok.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13