Well I replaced my fuel pump, filter, and strainer, since I was having a hard start and my pump had been whining for some time now,

It still hard starts, if at all. I was testing to see if the pump was getting power, and yes 12V when cranking, but 0V cycling key, this isn't normal right?

I was thinking fuel pressure regulator, my oil smells slightly of fuel, and smoke out of the exhaust, I can't tell if it's blue or black smoke, probably both considering the mileage, and the soot on the axle from the Flowmaster 40. The truck cranks with the pump disconnected, and if I plug it in before it dies it runs, at first it was misfiring, and low idle, after warming up it doesn't misfire, just smokes, and low idle.

Ideas?