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Sup,
Did you consider the rev-limiter thing? If you've got a rev limiting cap, or a faulty electronic limiter, it could be acting up, partially kicking in early, and giving you both the hesitation and smoke. The one on my Bimmer does this occasionally and I get just the symptioms you've described.
We've been focusing on pinging and timing advance, but this may not be it at all.
c
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'76 911 Carrera 3.0
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