I have my doubts if it is the timing...our little rig has a camshaft position sensor on the exhaust cam.
Together with the crankshaft sensor it tells the ECM what is going on.
If timing was way of, both signals wouldn't match en the ECM would trow a CEL and probably not even fire up the engine.
So..if timing is of, it can only be the intake cam. But...what is that loud banging noise?
If the t-belt slips and there is valve to piston contact, the rockers brake in halve as a failsave. Ergo: it would not run.
But..I just had a VW with a timing belt that jumped 2 teeth and that engine made a helufalotta noise. Without internal damage! New belt, and it ran fine again...
Thinking out loud here....
Ok, after I said all that, let's see what we got:
A loud banging noise.
it will only run 'fine' at stationary rev's, if you push the throttle it dies with loads of smoke
Cil 1 does strange things, Cil 2 produces the loud banging, 3 and 4 seem to be ok (trust me, it will not run 750revs on only 2 cilinders...)
What has Bub done sofar:
Injectors have been taken out and are inspected by a specialist. They are fine.
ECM and wiring have been checked, fuel system is properly bled. Check.
It's not a piston problem, did a blow-by test. Check.
Turbo is ok. Check.Timing belt is the big ? here before we tell Bub to take the engine apart.
Ow...stupid question:
You a 100% sure it has diesel and not gasoline?
(....I guess you would have smelled that after all the bleeding you did, but it's best to rule that out too)
Here's the howto on the timing belt cover etc:
viewtopic.php?f=98&t=45522