Most injection pump shops will crack test you injectors for a vary small fee, It does the same thing Tazza describes but the machine has a guage on it so you can see at what psi they leak (hopefully not) or crack and hopefully spray a nice even mist. I doubt that it though. Unlike enough of them would fail at once, that it won't start (should run on 2 cylinders)
Even if you have low compression it should have responded to the either. Compression that drops quickly is usually only 1 bad cylinder, (bad valve, broken ring, etc) If a motor is plain worn out it will usually run quite a while, starting on one or 2 cylinders then the others cutting in as rpm and heat build up.
I'm thinking injection pump ( where Tazza's idea will tell you if the pump is putting fuel into the engine. though you say there is smoke? which = fuel.
Or timing, something loose or broken in either the cam or the injection pump that is causing lack of compression or other timing problems. A compression test would be the simple way to tell.
Start by trying to conect one or more injectors to a line to verify fuel is being pumped. Don't bend a injector line though. If you can't do this I'd try a compression test next, then pull the injection pump and take it to a shop for testing. (which usually gets spendy)
Ken