Grey smoke is unburned fuel from incomplete combustion.
Most noticeable during cold starts Black smoke comes from
two different scenarios: 1) too much fuel for a given amount
of combustion air. 2) Not enough combustion air to support
a given amount of fuel.
I suggest you first check to make sure your air filter is clean
and unrestricted (that is probably okay since we are only dealing
with one cylinder). Do a compression or leak down test on all
cylinders – remove all injectors when performing this test.
You say all the injectors tested good, what does the test report
reveal?