Well I have figured it out so I wanted to share the culprit with all. I got the new VRO and installed it, the "NO OIL" alarm would consistently go off (I ran the motor on a separate pre-mix tank) The engine would starve of fuel after several minutes and die. It was clear the unit didn't work so I put the old one back on, engine ran fine, so I got a refund on the new unit. I was able to keep the "defective" VRO so, I took the old one apart and found the fuel pump diaphragm had a nasty tear in it. Used the new diaphragm from the spare unit and problem went away instantly. The smoke was dramatically less. It took me a while to take the old one apart from fear of messing something up but they are very simple to work on. Thanks all for the input, you all and this community are priceless.