The smokes not coming out of the lines the fuel or oil is and then burning on the hot valley or turbo underside. If it smells like diesel that's probably good news and you will need a new fuel line fitted. Not sure about the type of fuel pump fited but a lack of smoke at high revs would acount for the pressure drop in the line as the engine demands and is supplied the fuel therefore less pressure and leaks out the line into the valley causing the smoke when reved. Pressure test the fuel line.
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