I would do exactly what Tom said, with a second emphasis on the safety warnings. Injection injuries are VERY serious and usually result in some sort of amputation, as it just simply kills the part of the body that gets injected with fuel. Also breathing the finely atomised fuel is to be avoided at all costs...
You should be able to see a good spray pattery while cranking the engine over. Yes, with grey smoke the exhaust should smell of unburnt fuel. Basically the spraypattern is so sparse that the flame front cannot travel fully thru the cloud of atomised fuel, so the heat it makes just further vaporises the fuel and smokes it instead of burning it which creates great white grey smoke. Great for fogging mosquitos and neighbors, but not so great for making torque:)
The fact that it ignites at all tells me you probably have sufficient compression. I can get the same symptom in two ways on my 6/1. One way is when the hard line is not properly bled. The injector gives a little series of popping sounds instead of a good solid single click/creak. This dosn't deliver enough fuel to fire completely untill all the air is bled off the hardline and a full squirt of atomised fuel is delivered. A poorly firing injector could be delivering insufficient atomised fuel to combust completely....
The second way, particularly when cold, is that the fuel rack is not all the way open. The original listers had a starter pawl on the rack. You rotated this lever which allowed the rack to open farther for extra fuel when starting. As soon as the engine came up to speed and the governor closed the rack, this lever rotated and prevented the rack from opening that far when running.
On a mechanical governor, the spring is trying to pull the fuel rack all the way open to the full throttle position. Once the engine starts, it accelerates till the flyweights come up to sufficient speed and develop enough force to overcome the spring pressure and close the fuel rack. These two forces balance at the set running RPM. IF you have a broken spring, there is nothing to pull the rack all the way open for starting/running. The shutdown mechanism usually adds additional force on the side of the governor to overcome the spring and cutoff the fuel to shutdown the engine. IF this mechanism is hung up or broken it could be preventing the fuel rack from opening fully. You say you got it to run sort of, but I bet it would fail to take any kind of load, because it is just barely getting enough fuel to be doing what it is doing. IF your injectors have a good spray pattern, I would visit the governor and fuel rack linkages...