How many miles on your clutch?? Is it stock or aftermarket?? My reason for asking is that if you are in stock form with the clutch and it has a fair amount of miles on it, the power added by the smarty in timing mode could be slipping the clutch when fuel is added. This is a theory of course, but if you are running fine in a non-timing mode, then I would think that the VP is ok. The other thing that it could be might be fuel delivery, but this again is theory as it runs ok with non-timing.
A smarty will make short work of a stock clutch if given the chance. How is your fuel pressure to the VP?