need help idle and acceleration probs!

[5150ct]

This is an 84 318i and runs well most of the time. It starts and has minor idle probs when cold and then hesitates on acceleration and usually after the car warms up it runs fine with a 1300 rpm idle. On bad days it starts but struggles to hold idle almost wants to stall. Upon driving as you come to a stop it will not hold an idle and if you accelerate against the rough idle it sounds like its missing and not running on all cylinders. A rich mixture of blue gray smoke comes from the exhaust pipe as well as a catalytic converter smell. Under load it runs fine but struggles to accelerate, almost like its not getting enough fuel. I have replaced the in-tank pump with a new one, the outside pump seems to be working fine, the fuel pressure regulator looks like it was replaced by previous owner with a factory bmw part. The cap rotor and plugs are all new Bosch parts. I have removed the cat thinking it may have been plugged, made no difference. I unplugged the AFM and car will not start! I plugged it back in and the car will start but problem is still present. The valves are making a loud ticking sound, possibly to tight, needing adjustment. the problem comes and goes on its own. I have noticed when it shutters and wont hold idle, if i force accelerate the car it will blow the above mentioned blue and gray smoke out the pipe and then it will hold a normal to high idle. Any help will be greatly appreciated. I have a s50 drivetrain for this car, but currently still need about $1k in parts to complete the swap. i would like to keep driving the car up until the time im ready to do the swap so that is why i hope to fix this problem. Im also enjoying the gas mileage this car provides when it runs properly. Thanks in advance on any help provided!

[thebutterson]

Check for vacuum leaks

[5150ct]

all hoses are new. disconnected AFM and car wont start, Im assuming that means the AFM is working properly? I also plugged hoses on idle control valve and idle went up to 3k. Found a penny with two drilled holes in it glued to ICV? I guess ICV is bad and previous owner tried to cheat the ICV to work?

[thebutterson]

Usually the car will start and idle with the afm unpluged but once you try to give it throttle it will die. Have you checked the intake boot? If the car is new to you then you should replace the fuel filter, adjust the valves, check timing, and possible take a look at the spark plugs and make sure they're gapped correctly.