Smoke out of carb

I wonder if the nylon gear on the distributor is chewed up and has the timing events all messed up. Easy enough to check.

Distributor was replaced with a electronic unit 200 miles ago.
Spark plug #5 had some carbon build up on it.
Timing chain has approx 1/4 to 1/2'' of play before dist rotor moves.
When it does finally start runs well for a mile or 2.
Had to get it towed home yesterday.
Will do a cold compression test tomorrow and post the #'s