There's no way to mess up the timing just by taking out the cap and delivery valve, but if it didn't go back in right you could be getting lots of low pressure fuel instead of a tiny amount of high pressure fuel.
The spurts will be TINY, barely a few drops per cycle, you will not have fuel spraying out 6-8" by any means!
You will not have any fuel spraying out, it will just barely bubble out around the loosened lines.
If you do have fuel spraying out, go back and double check the delivery valve again. Also, the delivery valve spacer in reality looks nothing like the picture. It is a paper thin plastic ring that goes around the delivery valve to help hold it centered and in place. Some people say you really don't even need it, but you would not be the first person to assemble the delivery valve and have it get out of position, so double check it and report back.
I'm starting to wonder if there is a chance something has gone bad inside the pump, like Guy said... you have signs of either timing off ( I've seen plunger guides skip 90* or 180* ) of other incorrect fuel delivery issues. You may also have an injector issue on #3+4 if the heavy smoke is caused by injectors stuck open and allowing a bunch of low pressure fuel into the cylinders.