Hey dude, sorry to hear you are having problems with the RS.

Please don't change the switches over again. The feed to the cold start is via the thermo switch and is only meant for a few seconds, the cold start feed is permanent so it can slowly close the bi metallic opening. That's why the car runs fast and the smoke is black due to over fuelling when you change them over.

The allen key co adjuster you should have left alone until you found the problem.
I'm a bit rusty here but IIRC the electronic pressure actuator is the black plastic bit held on to the side of the metering unit with 2 screws. Ensure this is connected properly. I think the ford test figures were something like 0mA @ warm idle and up to 120mA max enrichment and -40ma for fuel shut off.
There may also be a potentiometer on the side to measure the air flap movement - I need to look @ mine to refresh my memory - check both are connected and working properly.

so stop and look at this a bit logically - think which things you disturbed when doing your engine rebuild.

I'm assuming you have checked that the fuel pressure when cold is sensible etc. you can mimic the electro pressure regulator action by pressing down very slightly on the metering flap as your friend starts the RS.

Good luck, hope this helps a bit. Get some pics up of your car when it's fixed