My "new" 86 mustang gt hatchback problems...viewers beware

So i bought my 86 from a guy in Okemos about a week or so ago. Drove the car home on the highway, ran "fine" but not extremely excited about the gas fumes that filled my head. Replaced the spark plugs and found one that wasnt firing. Have run the car since, and she still blows alot of smoke. And by alot, my friend has a 91 ford f250 with a 7.3L diesel, and i'm sure my cars made more smoke than his truck has.
Any suggestions on what would be causing so much smoke to pour out of my dual flowmasters?
P.S. can hear a gringing/buzzing coming from the rear of the car, around the tank. Hoping i won't need to replace the fuel pump, but i do have plans for the future to put a fuel cell in the trunk with all new everything that goes with it.
P.P.S. Friend has said he has heard a knocking coming from under the pass. side valve cover. Removed the cover and put a wrench on all 8 rocker bolts, and all felt tight, tried wiggling the rockers and a couple did jiggle back and forth, nothing that felt loose enough to worry about, but i'm 18 so i'm deffinatly not an engine diagnostic expert.
Any help is greatly appriciated!

Some things you can do to check would be a compression test (removing the plugs which you have done already) by hooking up a pressure gauge.

or a "leak down" test to see if you have valves that are not sealing completly.

clean the mass air flow sensor in intake plumbing that was my problem with my 90 gt same issues.

FRCE_FED wrote:Some things you can do to check would be a compression test (removing the plugs which you have done already) by hooking up a pressure gauge.

or a "leak down" test to see if you have valves that are not sealing completly.

I bought a harbor freight comp. tester. Havent had enough time off work to check out the compressions, but i'll post them as soon as i have time. Thanks FRCE_FED

Crys_707 wrote:clean the mass air flow sensor in intake plumbing that was my problem with my 90 gt same issues.

I believe stock 86 mustang GTs arent equiped with maf sensors, so i cant clean that, but i did hear the IAC could be causing problems too.

86GTBludger wrote:

FRCE_FED wrote:Some things you can do to check would be a compression test (removing the plugs which you have done already) by hooking up a pressure gauge.

or a "leak down" test to see if you have valves that are not sealing completly.

I bought a harbor freight comp. tester. Havent had enough time off work to check out the compressions, but i'll post them as soon as i have time. Thanks FRCE_FED

any updates with compression or the leak down test?

I had some time today, but couldnt get any of the three fittings in the spark plug hole Going to try again in the morning, might fit better after some sleep

Still havent compression tested, But learned i need a special fitting because my 5.0 has something like extended threads.
But on the brighter side I fixed the shaking/blowing unburned fuel problem, I replaced the plug wires. Easy as that fortunatly. Talked to my engines instructor and he said another kid had the same problem with a honda and the only thing he did before the problem started was change the wires with some that are more restrictive and caused the same problems i was having. So luckly it wasnt anything too expensive this time, will still do the compression test after i get a new fitting with extended threads.