Hello, I hope the following is of assistance.
The best starting point with this fault would be to confirm the fault that is bringing the glow plug light on as this is also the most likely cause of the excess smoke and poor running. The loss of power and glow plug light flashing means the engine management has detected a fault and stored a fault code in the PCM memory, to get the code you need a suitable diagnostic tool, all garages have them now so the cost in a garage is minimal or if you want to do this on a DIY basis an example of the type of tool required is http://www.ebay.co.uk/itm/CAR-FAULT-CODE-READER-ENGINE-SCANNER-DIAGNOSTIC-RESET-TOOL-OBD-2-CAN-BUS-EOBD-UK-/261344881417?pt=UK_Diagnostic_Tools_Equipment&hash=item3cd95e6b09
The most common concern giving these symptoms is usually a fuel pressure fault. The fuel pressure can be affected by anything from air in the fuel, a blocked fuel filter, failing injector or fuel pump. If it is a fuel pressure concern then the fuel pressure needs checking while the amount of fuel returned from the injectors is measured, the results of this help pinpoint the failing component.
There are other checks you can try, if you suspect the EGR valve try blanking it off so no exhaust gases can enter the inlet manifold. Check all the intercooler pipe work for holes or splits, any signs of oil may indicate a leak.
Earlier TDCi Mondeo turbos didn't really suffer with as many turbo faults as later stage IV emission engines so if the turbo is the earlier vacuum operated type then it's unlikely to be at fault but again a turbo fault would show with the diagnostic scan tool.
Start with these points, let me know if you have more questions and I'll reply as soon as I'm able to.