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Cool project! I almost bought a TR7 once to do the exact same thing lol. Pics!!!
If its a 13B with a Nikki on it, odds are that's an older 4 port 13B from a Repu (Rotary Engine Pickup Truck). But that's not for certain, because you could put a Nikki on a 13B from an RX7 as well if you wanted, but stock the RX7 13B's were fuel injected.
Gray smoke sounds more like unburnt oil and fuel to me. Rotary carburetors are designed to squirt oil into the engine to lubricate the apex seals. It may be that your carburetor is dribbling too much fuel and/or oil because it needs a rebuild. I can say from experience that if those carbs are not rebuilt and in good working order you will get lots of smoke and possibly not enough lubrication for your apex seals.
Trust me, those apex seals will get ruined very quickly without oil. So until you get that carburetor rebuilt, run pre-mix in your gasoline if you are going to drive it. As for your jetting/timing questions, that will be easy to search for. Nikki's have a long history.
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