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Man, your story is sounding like deja vu all over again...
I replaced the 240 I-6 in a 1970 F 100 with a newer 300 and had a lot of the same issues. I went around and around with the salvage yard - they saying I didn't know how to install the spark plug wires - me saying that the engine was screwed... Ultimately I discovered that the head was cracked and it never would run right - I ended up with 3 motors before I got one to run.
I would rebuild the carb - it is likely leaking into the manifold - check the torque on the manifold - make sure that the EGR isn't sticking (if it has one) - and make sure that you don't have the wires 180* off. (A Ford 6 will run that way - but poorly!) Also make sure that the exhaust isn't plugged (I know you said it was making smoke - but trucks that sit sometimes collect vermin in the exhaust pipe - I sure scared the family in my truck one time - I launched them over 50 yards when they finally came flying out!)
I replaced the 240 I-6 in a 1970 F 100 with a newer 300 and had a lot of the same issues. I went around and around with the salvage yard - they saying I didn't know how to install the spark plug wires - me saying that the engine was screwed... Ultimately I discovered that the head was cracked and it never would run right - I ended up with 3 motors before I got one to run.
I would rebuild the carb - it is likely leaking into the manifold - check the torque on the manifold - make sure that the EGR isn't sticking (if it has one) - and make sure that you don't have the wires 180* off. (A Ford 6 will run that way - but poorly!) Also make sure that the exhaust isn't plugged (I know you said it was making smoke - but trucks that sit sometimes collect vermin in the exhaust pipe - I sure scared the family in my truck one time - I launched them over 50 yards when they finally came flying out!)