Today I was convinced by 2 pump shops to take the pump out to find what they thought were timing issues causing the gray smoke. It then occurred to me that I could use a mirror to see in the key way slot in the gear. The slot was completely empty. I could see all of the way down it.

Here it is. A mushroomed key! I must have been close to the slot as a small part of the key was still at full height.

After filing and grinding, I took a punch and hammered the key out again.

Small diagonal cutters grab keys very well so they can be leveraged out nicely.

I also checked the throttle indexing again. It was fine. It would change the power output more than it would cause gray smoke.

Here is the mark I added to the throttle shaft to help me index it.

I also found out that I could leave the fuel line in place and still remove the pump easily.