Smokey 200 tdi -White smoke.

Evening all,
I'm normally a poster on the Range Rover forum on here but my father-in-law and I rebuilt his Series IIa with a 200 tdi (Discovery origin hence me posting in here as well as on the 200tdi forum) conversion (it was the cover feature on the Dec 2011 edition of Land Rover World) however, it has progresively gotten more and more smokey. Once first completed it was fine and then after about three or so months it started off just being a bit smokey and running slightly rough on start up, the smoke being white and smelling of fuel (like unburnt BBQ lighter fluid). This would then clear as it warmed up but would ocasionally then do it again when using engine braking if you were decending a hill should you be off road and every now and again when you used engine braking on the road. This has gotten worse and worse where by it smokes almost constantly now.
Now we have had the injectors rebuilt by a very reputable local diesel specialist, we've changed the cylinder head gasket, checked the bores - not a mark on them, even see the original cross honing, changed the valve stem oil seals, relapped the valves into the head and had changed the timing belt and all tensioners when we first fitted the engine and it ran fine for the first three months or so. The smoke it now produces is very white, and very acidic, stinging the eyes if you stand in it. Before we go down the route of pulling the fuel pump off for refurb I thought I'd have a shout on here and see if anyone has any furter suggestions for us to try??
I'm pretty certain it's a fuel issue as the smoke is white, the smell of it and the rough running (almost sounds like it's back firing).
So, any thoughts?
Cheers,
Andy.

Any one any suggestions?

Definitely un-burnt fuel and sounds like you've been through everything else so certainly sounds like FIP. Have you tried adjusting timing at all? If its too far retarded you'd get poor fuel combustion......Maybe worth trying before pulling it to pieces

Here is the theory about white smoke:

White smoke occurs when raw diesel comes through the exhaust completely intact and unburned. Some causes of this include…

Faulty or damaged injectors

Incorrect injection timing (could be a worn timing gear or damaged crankshaft keyway).

Low cylinder compression (eg caused by leaking or broken valves, piston ring sticking, cylinder and/or ring wear, or cylinder glaze)

When white smoke occurs at cold start, and then disappears as the engine warms up, the most common causes are fouling deposits around piston rings and/or cylinder glazing.

Water entering combustion spaces will also create white smoke. Faulty head gaskets and cracked cylinder heads or blocks are a common cause of water entry, and are often to blame. Unfortunately, expensive mechanical repair is the only proper solution here.

Thanks for that.
I thought it may well be the timing being out, potentially as a result of the keyway becoming worn allowing the timing to progressively get worse as time has gone on. Can anyone tell me which way the pump needs rotating once the three locking nuts are loosened (if you were looking from the front of the engine)?
Cheers,
Andy.

clockwise if advancing

Cheers matey, much appreciated.