I'm wondering if the white smoke you're experiencing is from MMO or Seafoam or some other oil the previous owner put in the cylinders to keep them from rusting up while the truck sat around.
That is very possible.
Based on all the information I have gathered I think I will start by ensuring no vacuum leaks. I am fairly confident the carb is functioning correctly other than possibly being warped - again this might be a vacuum issue. Whenever I blip the throttle it sure sounds like air coming from the engine bay. If I give it a slow rev it seems to do ok, and this is when the white smoke seems to pick up.
If I can figure out why it won't start on it's own this might resolve both issues. Whenever I shut the truck off it will not start again without a little drop of gas in the carb. I am hoping the new fuel pump and tank will solve this issue. I would really like to get the truck running and take it for a drive to see if the smoke clears up. But I would hate to go too far without knowing my fuel pump and carb are functioning correctly.
Any recommendations on a fuel pump for my 235? It was built in 1955.