loss of power, excess raw fuel(smoke)

[sloppy2nds000]

while plowing yesterday i noticed i had to get on the pedal a little more to back off the snow banks. today more of the same and when running second, third gear down the road it requires a lot of pedal to accelerate. overdrive is really difficult to get to and accelerate in. it feels like the brakes are being applied when they clearly are not. it moves almost normal in 1st gear, only a little resistance. brakes are not sticking.
the trans is a 518 and is chock full of fairbanks parts, raybestos parts and some sonax parts too. the converter is a patc 300rpm lowered stall unit. spent 2k on tranny parts in the last year.
she likes to smoke(black) a little more these days when cold, i notice a decent puff of smoke when she starts up first thing in the morning.
107k miles on the truck. engine is all stock. i need to check pump timing, as ive been putting it off for a couple years now.

is it a fuel problem?
a trans problem?

ill take some input. thanks

[Remps]

Boost and egt's would tell a lot.. Did you check for shaft play on the turbo?

[oldestof11]

When was your fuel filter changed last?

[sloppy2nds000]

both the fuel and oil filter were changed this time last winter. id say the turbo sounds healthy. i can definitely hear it. i gave it a quick look over and wipe down last winter when i removed the down pipe and intake. but ill do it again this morning.

i guess i should add that my wait to start light and water in fuel light started flashing the same day the power started to fade and when they are it wont go into overdrive. i went thru all the grounds last winter and some this summer. i know theyre all still tight and shiny, so can the pcm or bad grounds be causing this no power condition?

[RCCUMMINS89]

Only if your fss is getting weak power. Run a hot wire straight to your fss and see if it changes anything. Otherwise, I'd check your fuel again, you may have bad fuel (water in fuel)

[sloppy2nds000]

i took a look at the turbo. center section seems to be nice and tight. no end play, just the slight wobble/float for the oil bath. air filter looks good too.
full voltage to the fss wire. hooked up a jumper and no difference.

governor spring getting weak?

[BC847]

both the fuel and oil filter were changed this time last winter.

I'd say the fuel filter's greatly restricting fuel such that the case-pressure is dipping big-time, retarding the injection event timing.