Update.
Put a clear chunk of hose at the fuel tank, continues stream of air. Pulled pickup assembly, some kind of round flat valve(anti drain back maybe?)about 2/3 of the way down was allowing air in when tank was low. cut off and replaced with hose.
Ran pickup for 2 hours while bleeding every thing. Geting air some where, every connection runs fuel at all RPMs any suggestions?
unhooked return line at tankand ran into bottle, no air seen.
Any thing over low RPMs causes air intrussion like problems.
Throttle held at one place RPMs jump around (faster/rougher smokey), (slower/smoother no smoke) other times moving throttle short distance results in no RPM change.
Guess I'll put a known good IP on.
But all of this seems to indicate a fuel problem and not cavitation or compression causing the smoke.