Do still have a catalytic converter in the system?
If so remove it for testing purposes.
My 1998 Burb had one when it was abandoned, plugged up. Start and run, no power and black smoke...
One of the many problems it had, but the final straw as it couldn't make enough power to drive.
90 Chev 3500 c/c 4x4,6.2na,400 auto,4:10 gears.DSG Timing gears,main girdle, isspro tach, pyro,boost,oil and trany temp.Dual Tstats, High volume peninsular pump,on shelf, Custom turbo and intercooler 85%complete. Change of plans for the dually, it's going to get a Cummins. Both trucks are Blue 90 4x4 crews