You said that the boost pressure goes into a vac after this starts. But what is the boost before it starts? You put the pedal to the floor, it starts to pull, smoke increases, boost does what? then it starts to smoke real bad, boost drops off and back fires?
The boost starts out at 14psia (0 boost) and ramps up to 28psia (14# boost) at WOT just before it looses power and backfires and the smoke turns white. Then it goes from 7 to 9 psia (vacuum???). It then returns to 14 psi if you let off the pedal and let it idle.