First I would replace that black rubber return line hose with a clear one to make sure there is no air bubbles in your lines.
Second would be a compression test which would verify the condition of your rings. Bad rings=Smoke, power loss, a lot of blow by and hard starts.
Those timing marks are not Oem so it’s been messed with already. However, I would attempt to manually time the IP by ear or get a timing machine on it.
Pending compression test results… If the compression is good, no air in fuel lines and the timing is good, next up would be injectors and/or injection pump failing.
How many miles are on this sexy beast?