Something is not right.
Other things you can look into are
Injection timing.
Fuel settings
- adjust the "Full load set screw". P168 of the 14B service manual.
Aka main fuel screw. This may have a anti tamper collar attached to the lock nut. Tear it off with pliers.
If it's smokey at all RPM, it may have been wound out for more power by a PO. Changing out the old filter may have affected this if it was a restriction.
Winding the main fuel screw in will reduce fuel delivery right across the operating range.
Adjust it 1/8 of a turn at a time and see g there's any chance. ( This is starting to go down a rabbit hole, easy to lose track of what changes you've made)
After adjusting, you may need to adjust idle speed screw again.
ACSD - Automatic Cold Start Device. Labelled in the FSM diagrams as ThermoWax.
They are intended to raise idle speed when the engine is cold, as coolant comes to temperature, idle speed should drop again.
These are a known failure point with the VE rotary injection pumps.
Search here for more info. Failure Can lead to destruction of internal parts in the pump. Generally considered not to be necessary, and a lot of guys remove them as a precaution.