Q1: Nope, no intercooler, you can get one aftermarket though for some $$
Q2: Depends, could be a number of things, but something tells me since you're smokin' you're not getting any turbo boost. Is the smoke black? The turbo whine is harder to hear on these engines, but it's there if you listen for it. Do some searchin' for no boost and you'll likely find many great threads that other's have written about in troubleshooting low or no boost situations.
What is your truck geared?
Feel free to fill out your profile a little bit under the "User CP" and attach a signature with your rig's info, to help us identify your truck year/model in the future (saves you from having to do the write up each time).
1982 C10 SCSWB 6.5TD, mods too extensive to list. (13.69 1/4 mile @94.6 MPH) RACE TRUCK
1982 C10 SCSWB 6.2NA, 2.73 700
1986 C10 SCLWB 6.2TD 3.73 700
1989 V20 SUB 6.2NA, 3.73 400
1994 G20 VAN 6.5NA, 3.42 60E
1994 K20LD ECSWB 6.5TD, 3.42 80E
1995 K20 SUB 6.5TD, Wrecked, ran into by stupid teen.
1995 C3500HD DRW 6.5TD, 12' Flatbed 5.13 80E
1995 C3500HD DRW 6.5TD, 18' Rollback Wrecker 4.63 80E
1994 C20HD ECLWB 6.5TD 3.73 80E Wifes Truck.
1995 C20LD ECSWB 6.5TD 3.73 80E
1995 K20LD SCLWB 6.5TD 3.73 80E
1996 K30 DRW 6.5TD 4.10 80E
1997 C10 Tahoe 2Door 2WD 5.7L to 6.5 Conversion Underway