Actually, I was referring to the other screw, the one labeled with the number 2 in the last picture on the second page of the drip method procedure.

The #2 Screw is actually connected to the Fuel that is going back to the Fuel Tank. However at the bottom of the Hole the Screw goes into there is a tiny hole into the Fuel area of the Filter.

I can't figure out why they want you to do that.

If you pump on the Hand Primer with the Drip Tube installed and leave that Screw/Bolt tight some fuel is going to come out of the Drip Tube and more is going to go back to the Fuel Tank.

As you have read the Translation into English from German leaves much to be desired.

Thank You for the clarification Diesel9112.

I will hopefully perform the drip test method tomorrow. I really hope this clears up the white smoke because if it doesn't, then perhaps my car is burning oil

So I finally tried the drip test method this Memorial Day weekend. Unfortunately, I was unable to achieve the drip rate of one droplet per second. I followed the procedure written above by Diesel9112: I wired down the throttle lever in "full throttle position", disconnected the vacuum hose from the IP, set the engine to 24 degrees Before Top Dead Center (BTDC), removed the spring and delivery valve and connected the drip tube on the #1 delivery valve holder. The result that I obtained was not a drip at all, but instead a squirt. I moved the IP in both directions in small increments and each time, only a squirt would come out of the drip tube whenever I would pump the hand pump.

Could this mean there is something else wrong?

Wow. Ok.

Thanks ForcedInduction!

I went back and check I had this in the Instructions; "The Engine needs to be rotated Clockwise as viewed from the Crankshaft Damper end of the Engine; the normal direction of rotation.
Rotate the Engine to 24 Degrees before top dead Center (OT is Top Dead Center on the Crank Damper)."

But, I can see that it might not have been entirely clear.

I was lucky.
When I worked for a Fuel Injection Shop back in the 1970s My Boss taught Me what to do. But, not before He let Me suffer a little trying to do it Myself.
We also had a decent gravity feed setup that keep the Fuel Pressure nice and even.