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A vacuum leak will cause idle issues etc for sure... but not any crazy amount of smoking. My 240 was an auto/manual swap with the exact same thing you are describing before I did the enigne swap... Bottom line is that your motor is probably high-mileage and tired. Great time either for a rebuild, 'new to you' used engine, or a swap. Take it in for a compression check... The numbers will tell all you need to know.
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