Another clue to determine if it is timing, is whether the engine clatters when cold, or not.... No or little clatter when cold could support the notion that the timing is too retarded. (Constant clatter when warm could be too advanced.) A timed engine will clatter when cold and not when warm.
Timing to spec may be a good start when everything else is spec, but if the injector break-pressures are high, the timing might need more advance.
Some folks time the IP "by-ear", setting the pump to the cusp of clatter at idle when the engine is warm.
Smoke with a TD can also come from overfueling, boost at higher rpm will reduce that smoke (that's the reason for the extra bits on a TD pump... reducing fuel at low rpm until boost builds).