466E driving me crazy

I have a 466E in a 4900 IH that is giving me problems. Totally at random the engine loses power, puts out clouds of blue/white smoke until you get out of the throttle. Occasionally it will backfire if you don't get out of it quick enough. The Check Engine lite does not come on. If you turn the key off, mentally count to three, turn the key back on and you're good to go until the next time. The next time might be 30 seconds or 30 minutes.

We have chased power connections, plugs, tore harnesses apart looking for chaffed wires all with no progress. We have changed the cam position sensor with no change. The only thing with the cam sensor is that we have used the "Ford" sensor ($45) instead of the IH sensor ($200). Is there any difference other than cost?

Really don't know what to do next. Any body have an idea? Willing to try anything at this point.

 

Okay, will check it out. If I am understanding correctly the pressure reg is "grossly" overfueling the engine producing the white smoke? We had been looking at it from a timing perspective.

 

I did check that connection. The contacts did look to be spread. I was able to tighten them up so I could test this. There was no difference.

My son is saying that I might be throwing things off by saying that when it quits you get clouds of smoke. It does quit and then you get the smoke. The smoke disappears when you let off the throttle. if you step on it again before cycling the key it will reappear.

 

Yes Check Engine lite does work. It is a 96

 

Here are the codes on the truck right now.

111
325
142