89 ranger 2.9 manual power loss

here it is 89 ranger 2.9 manual. starts fine. i believe timing is a bit off but the thing is approx. 2 minutes into driving first run in the morning i get to a stop light in all directions of the house. i stop and go now when i get going again and get to 2nd gear the truck bogs down like it's flooded and creeps with severe lack of power and black smoke. after about 40 seconds it goes back to normal and have no further problems the rest of the day and no smoke. what the heck is going on? changed plugs, going to change plug wires, possibly distributor cap and (O2 sensor)? any ideas why i have this prob only in the morning or on first start of the day? possibly water in fuel rail over night? thanks