Spent a lot of time working on this project the last few weeks. Way back when I rebuilt the carbs, I set the floats at 22mm just as the manual states. But since things are so old and unknown (original floats?, original valves and seats?, etc.) I decided to check where the fuel level was in each carb bowl. I drilled out a drain screw and epoxied a small brass tube in place. I then screwed that into each of the bowls and used clear tube to show where the levels were in each bowl. Even though all were set to 22mm (and checked numerous times) they were very different and likely contributing to the rich conditions I was fighting. After a lot of work, I got all the levels to the right spot. I also lowered the needle in each carb one slot to further lean things out. Then I readjusted the mixture screws. I got it all back together last night. It was a bear to start because of all these changes and I imagine it could really use another carb sync. When I first got it started it was only running on 3 cylinders but after dropping bowl 4 one more time, the fuel flowed and it fired up on all four. It hasn't run this good since I've owned it and it doesn't smoke any more. I'll sync the carbs again tomorrow and see where things are then.