White smoke by escape and lack of power suggests several causes:
1st pump may be pointing.
2º Also that the fuel inlet pressure to the injection pump is insufficient and therefore the hydraulic compensators do not work (the pump is delayed, inject little and late due to lack of supply)
3rd it may be taking air by some gasoil tube or that the filter is very dirty.
Anyway, if you say that this engine has been made, I suppose that everything will be proven and that it is only a pump delay problem. To determine if that is the anomaly, it is enough to heat the engine to service temperature and accelerate to the injection cut, if white smoke comes out continuously by the exhaust, and explosions or flashes are heard by the exhaust tube, it is an unequivocal symptom that the pump is delayed. (In addition, the white smoke causes them to pique their eyes and smells very specially, such as when you start an old cold diesel engine).
All the best.