Hi Zeppole, an unusual problem you have there. I am with Mike in saying that the problem does not have anything to do with the injection pump or it`s timing, problems with the pump/timing would prevent your engine from starting.
That leaves a couple of possibilities, the first is that the fuel injector nozzle is weeping after the injector has finished delivering fuel. The fuel pump has a valve in it that is designed to maintain the fuel pressure in the fuel injector line. The fuel injector has a spring loaded valve in it which acts against the pressure in this fuel line, when the injector pump increases the pressure on every other crankshaft revolution the injector is expected to briefly open and then completely close. If it does not completely close it will continue to dribble fuel into the cylinder throughout the cycle and over fuel the engine causing the smoke you report.
Remove the injector, remove the fuel injector nozzle, clean thoroughly and reassemble. Do not tamper with the other end of the fuel injector or you will disturb the pop pressure and have to send it away for re-calibration.
I have never seen an air cooled 1115 so I am assuming your unit is water cooled. With that in mind, the other possibility is that the smoke you are experiencing is steam. This would not be good as it suggests that you may have got to your engine too late and you have frost damage. Start your engine and take the cap off the coolant tank, if you get bubbles you may have a serious problem, alternatively it might just be the head gasket.
Bob