Generally a good running engine needs air and fuel in a right mixture and a correct timed ignition.
Here are just some thoughts :
-The 123 ignition may cause some light popping at throtthle release , this seems to be normal behavior and is reported by many users.
-Popping in the exhaust accompanied with grey smoke however may indicate unburnt fuel in the exhaustsystem. This , together with your slight hesitating ,may be pointing to :
1.a fuel/mixture problem in general or - I had the same experience - a leaking injector causing uncontrolled /erratic fuel supply to a specific cylinder , resulting in the same syptoms you have.
A simple check with a "Colortune" ( just google it) helped me find the culprit and also made fuel adjustments easy ,even at higher rpm's
2. an ignition problem think of wiring ,caps ,wrong or damaged sparkplugs ( check for thin cracks/black traces at the insulator)
If you like to enrich your mixture as a first try-out,then just add a thin washer underneat the baro compensator.
You may also read my mini serie of postings about "230SL bad starting and running problems".A lot applies to your car as well.
Good luck !