I've had the cover off and checked the timing and it's spot on. The engine does actually run pretty smooth just doesn't accelerate. Everything is dry and tight so I'm not thinking I have a problem with the fuel lines ( I've also tried running it out of a separate container to eliminate the fuel lines back). The smoke is white and defently unburnt diesel. I've uploaded a vid on you tube titled 2lte knock and smoke for your viewing pleasure. I've also cracked all the injectors one at a time and the are all working and there isn't one in particular that gets rid of the smoke.
Thanks for the video. Was your engine cold or warm in that video? How cold was it outside?
When the temps get negative here (which isn't often, LOL), my truck makes exhaust smoke also. I'd say it makes the same amount as that, and it dissipates fairly quickly in the air just the same. Sort of about the same as you'd expect from a gas engine while it's warming up in really cold weather. That is normal in my experience. Once the engine is fully warmed up, it does reduce, but in super cold weather it might continue.
Rough starting should be expected if it's really cold out and you don't have a block heater. Make sure you do at least two 8 second glow cycles (listen for the relay). Even three cycles if it's really cold out.
I'm assuming your engine was not fully warmed up in that video. If that's the case, I think the motor sounds ok. The computer advances the injection timing when the engine is cold, and it'll sound quite knocky. Once it's warmed up, the knock will reduce enough that it almost sounds like a gas engine.
If your engine was fully warmed up (1/3 on the temp gauge), I'd say the idle does not sound right, and it's possible something is a little off in one or two cylinders.
How much have you actually driven it? In that sort of weather it takes a while to totally warm up. In fact, idling in winter weather like you have there, I don't think my motor would ever warm up. I actually have to drive it hard to get some heat. You could block of your radiator to force it to warm up more.
Regarding your power issue, I'm going to say you've got a boost leak at that T-connector where your boost line comes off. Try to fit a different sized T, so the larger line from the manifold can't leak. Also, these motors don't make much power at all when they're cold. It gets significantly better once they're warmed up. Although still not much...LOL.
Finally, try to open your waste gate with your hands. Make sure the spring is really tight, and when you close it you hear the wastegate flap (in the turbine housing) close tight. If the waste gate is not closing, it could cause issues too.
You should get a manual boost controller and turn the boost up a bit (maybe 12psi). Will make a good difference in power.