If your HPOP pressure is dropping off, you will need to generate more feed pressure before you see any resolution in your HP/smoke issue. I think at the beginning of this thread, someone said 225's or so were the limit with the stock HPOP. I think it is a little higher, but there is so much variability within the injecotr-builder community, that one guys 250's might be another's 300's or whatever. That means you could well be trying to feed injectors that need more high pressure oil flow. If your pref=ssure is dropping off, that means your injectors aren't able to fire as energetically as they should, and that explains the power detriment. And the smoke. The only solution I know of is a dual HPOP, the 2nd usually run off of a pulley. A single unit has been worked on, but I don't know anyone who has it reliably working.
Lower HPOP pressures are also not good for the injectors, so you don't want to run it hard that way. I'd work on the HPOP 1st, then re-assess your dyno numbers (they will probably improve), and then you can see if you need more air or not.