Did you check your overflow valve to make sure it's not stuck open or something and the fuel pressure dropped? Maybe you have a leak sucking a lot of air in your fuel line somewhere between the prefilter & lift pump, but a leak like that should drip fuel when you're not running.
A couple of notes to everyone troubleshooting smoke:
Blue smoke can just as likely be caused by fuel as oil.
White smoke is fuel that is basically "smoldering" (very bad timing, injector, etc. )
When diagnosing smoke, smell it! Fuel will have a strong rawish diesel smell, oil will smell something like an old gasser burning oil.
Vaughn