That's great to hear, but the final test is under load.... let us know!
I took the boat out yesterday and gave her a thorough running. Here are the results:
1) There is no more sheen in the water from the exhaust and only a small puff of white smoke at startup (the engine had not been turned over in a week). I did replace the glowplugs too.
2) Before reaching operating temperature, there was no more white smoke!
3) Everything runs smoothly--no hesitation or oddities.
Now, this is where it gets a little interesting...
4) When running the engine at or above approximately 2800 to 2900 RPM (max 3600 RPM at WOT), I noticed some white smoke; it doesn't travel far from the boat. The engine temperature does seem to be warmer than usual. Volvo indicates that I should be at 75 to 90 degrees Celsius and the temperature looked to be slightly exceeding that (closer to 200 degrees Fahrenheit but no more). No high temp alarm sounded. The white smoke is a LOT less than before and doesn't reek like diesel.
Gulf temp was in the mid-70s. The water and raw water pump, impeller, and heat exchanger are new. Coolant was replaced a few months ago and the level does not change. Oil looks great! The strainer is clear, and the through hole does not have any obstructions (bottom just cleaned). I seem to have plenty of water coming from the exhaust, and she reaches WOT easily.
I will purchase an IR thermometer gun and check measurements.
I did pull the cabin circulating hot water and forced air heater and plugged the ports at the engine. After doing this, the boat appears to reach operating temperature a lot faster and runs warmer according to the temp gauge.
Also, the engine coolant seacock has a 5/8" barb/hose that is spliced to a 3/4" hose that goes to the strainer--the MD2030 uses 3/4" heater hose. I purchased a full flow 3/4" barb to replace the old 5/8" barb and will replace the smaller section of hose. Perhaps this will increase water flow and reduce the temp a bit.
Overall, I believe rebuilding the injectors helped immensely with the smoke issue. Perhaps the original smoke issue was related to two issues? Maybe there is no issue! I will tinker a bit further. At minimum, the barb needs to be replaced.
Once again, thank you to all who offered suggestions.