I have a 2.3 in a Ranger 4x4
It runs rough and smokes gray pretty heavy;
then it will smooth out for a minute, the smoke will clear up and the vacuum gauge will read normal.
Then it goes back to running rough and smoking.
My check engine light doesn't work but when I pull the codes with an analog meter ( I let a buddy use my scanner, now he is nowhere to be found) the best I can tell all it's showing is EGR which is disconnected because I added a header.

Carbon fouled plugs
rough idle
fuel in oil, a little over full line
good compression
good fpr on the rail
good fuel pressure
fuel pressure leaks to 0 in about 5 min (pretty sure its the pump I'll know in a day or two)
vacuum gauge flutters around 12-14
I swapped out the upper/lower intake, fuel rail, throttle body from an extra motor I have. Nothing changed
New fuel filter, plugs, wires, cap, o2 sensor

I'm really leaning towards timing but I'm not sure where to start diagnosing.

This truck is my toy/woods truck but I'm about to try and sell my house and it really doesn't add to the aesthetics of the place all tore down in my garage.

Any advice would be much appreciated

 

If it is an automatic, check for leakage at the modulator.
tom