Sounds like a carb/fuel thing to me. Coolant smoke is white, and should be present all the time so I wouldn't be too worried about that right off.
If it is somehow getting a burst of excess fuel at high RPM, like from a dribbling clogged secondary jet or somesuch, that would explain the smoke at high RPM/speeds. Leaking carb internals could be pooling some fuel up somewhere too that gets consumed all at once when the airflow gets high enough to pull it into the engine.
Also, don't forget to check out the points, as well as the cap/rotor and timing. Black/grey smoke is basically poorly burnt fuel, if there spark is weak/off it could cause much of the same. A mid/high RPM stumble was the usual sign on my 76 that it was time to replace the points.
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95 Isuzu Trooper Daily Driver
86 Isuzu Trooper reliable backup
77 LUV 2wd stock beltway blaster (resting)
79 4x4 LUV project: 2.6L, 5spd, 31s (eventually)
MEPR: Man, my 4x4 makes all other LUVs look good
