The smoke is a concern as the pump doesnt push that much out. Check your gearbox oil for discoloration/aeration and level. may look milky. Gearbox oil also stinks when its burnt,
Id also be burning out the pipe too as old sludgy crap will start to burn once she gets a few RPM. Drop the baffle out and see how oily it is
Settings are easy, there is a line on the body of the pump and one on the arm. Line them up at full throttle You can even wind the pump full on with no real issue as its still only a dribble. Some guys set the pump full on and dont run a split cable
The Main line receives a constant flow and only the intake port is variable. Many years ago I calculate the mix to vary from 33-50:1 and I always run TTS in a 185.
Cheers