The stock lift pump is located directly below the fuel filter canister, at least it was on my 2001. 5 HO, your's should be the same. I don't have my service manual handy, but anything less than 10 psi's at idle would concern me, as would any less than 3 psi's at WOT. As to your question of white smoke, did you see at while the engine stumbled, or at idle. I have some white smoke at initial start on the real cold mornings, though that clears up after several seconds. On the other hand, when my truck still had the Carter lift pump I had one real bad stumble, I had to pull over to let the engine recover and yes, I had quite a bit of white smoke at that time. Seems that most who have a lift pump that is going bad see very erratic, yet sporadic readings on their fuel pressure gauges before the pump actually dies, I didn't have a FP gauge when the first pump went, but I did with the first Mallory 4150 when it died, one week before it passed I was seeing sporadic FP readings that would bounce from 2 psi's to 12 to 6, etc. Then I returned to the truck idling one day and observed -11 psi's. Bottom line, if you are getting a stumble and white smoke and don't know what your psi's are, my guess would be the lift pump. Get a gauge on their and tell us what you are seeing, preferably at idle and WOT. Hope this helps !!!
Also, if your lift pump is dying, yes, it can damage the VP44 pump if you drive with the VP44 trying to suck fuel for long enough.
Scott W.