I know on mine I used to get a lot of bluish/Grey smoke on acceleration before I swapped the IP. Since you said this pump and injectors have been sitting unused for a couple I would try doing an atf or diesel treatment on them.
Pump is not rebuilt but was working on the 6.9. I get white smoke on acceration but turns black when the engine starts to bog. Then is white or gray till the exhaust clears up some, not seeing much blue.
I'd say your pump is bad.
Timing should be set with the engine at operating temp, at 2000 rpm. Static timed, the pump/engine should rev up to 2000 rpm cleanly with no issues. The fact that you can't get there and various colors of smoking occurs when you try tells me there are internal pump issues. Was this a total rebuild? Could your pump somehow have gotten timed 180 out from where it should be?
K, so could continue chasing the ip. How would I know if the pump is timed 180? This was rebuild using new ring on pistons I pulled out another block, bearing that came out that block where copper color so got new.
On the meter, if you're getting the RPM jumping around/cutting out, your injector clamp isn't reading right. Clean the line more, reposition the clamp, reposition the ground, try everything.
It was clamped on there good and playing with it made no change. Just moving the pump timing to the driver side of tdc line got it to work with out fault.