I just came back from a closer inspection. What I found was that all fuel line connections were fine, so air in the system. The elbow's exterior "coating" was flaking off (in rather large chunks). I ran the engine at the dock. Wihtout any load she revs up to max throttle no problem, no smoke. Put in gear (tied to dock) and slowly bring it up to max and get smoke near the top of that curve, heavy black smoke at full throttle.
I think in view of the exterior flaking and the smoke, it would best to replace the elbow.
Of course the prop could also be at fault here. I'm trying to find a diver to clean it, and try again.