Your sucking air which is causing the white smoke. On these IDI's if you have a major air leak/fuel leak you get hard starts, stumbling once you get them started and a white smoke fogging machine like you would not believe. You need to find the source of the fuel leak. My first stop would be the return system (caps, o-rings and lines) as this is the most common place for leaks on the IDI. But typically a return line system leak is not that bad but there is always a chance.
When I sold the E she had a leak on the number 8 cap that would make her smoke like a house a fire (white) and she was a pain to get started but would start.