Unbolt the top lid of the LDA,sometime's it is filled/clogged with oil pushing the boost pin down a bit
With the engine hot remove the oil cap and see how much white smoke is puffing out. The bottom end might be gone. If you don't have a cam bafflem just lightly lift the oil cap or you'll get oil everywhere.Is your air filter clean?
White/blue + smelly exhaust is usually retarded timing. Do you know what it was timed to? Did you ensure that the cold start cable was properly adjusted before timing it?