Ignition coil, VAFM and distributor are where I'd start. The VAFM is a possibility as well but when that goes south to the point of complete failure it usually happen when the engine bay gets hot and then works again once it cools (not applicable to the 7M-GTE's KVAFM). What does the smoke smell like? Refer to the thread in the MKIII FAQ section about error/diagnostic codes, check for codes and post back if any are present.
You can test the fuel pump by inserting a wire jumper across the FP and B+ terminals in the diagnostic box and turning the ignition to "ON"... just see if you can hear the sound of the pump or the sound of fuel moving through the fuel rail. Usually when a fuel pump goes it's totally shot, worth taking a look but there are other components I'd look at first if it were me.
(see the on-vehicle inspection portion for the 7M-GE in particular)
http://www.cygnusx1.net/supra/Librar....aspx?S=IG&P=1