John - Whenever you see black exhaust it means the pump's injecting more fuel than can be burned.
You've eliminated intake/exhaust restricting air flow to/from the engine. And since you've had the pump rebuilt and the injectors tested, at this point I'd suspect the pump timing. Could be it's timed late. Or perhaps the advance is not not working. The pump shop should have checked that however.
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Today's Featured Article - Madison's County - by Anthony West. Philip Madison has been a good friend of mine for quite some time. He has patiently suffered my incessant chit chat on the subject of tractors for longer than I care to remember, and on many occasions he has put himself out, dropped what ever it was he was doing, to come and lend a hand cranking handles, or loading a find onto a trailer. Although he himself has never actually owned or restored a tractor, he was always enthusiastic and always around helping with other peoples projects.
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