So... it seems like you are really only concerned with the smoke and the low compression numbers.
If your timing is set properly, your plugs cleaned and properly gapped, your distributor cap and rotor in good shape, your points (I don’t know what you mean by semi-electronic) in good shape and properly gapped, vacuum leaks are fixed, valves are properly adjusted, fuel mixture is properly adjusted, carb is clean and properly adjusted, choke is properly opening, you’ve done about all I can think of... anything else, to improve performance, would probably require a mod ... like DUI.
I would re-test dry, then wet, the compression (be sure engine is at operating temperature, the choke is fully open and the throttle is wide open). There are instructions here —>
Compression test 2f confused
Use the “altitude” procedures, provided earlier by
@4Cruisers, to determine your altitude factors.
the difference between the dry and wet numbers is the improvement in how well the rings seal, after squirting oil into the plug holes. The more improvement, wet, the worse your rings are.
You could also do a leak down test, but I wouldn’t bother unless you really plan to spend money rebuilding the engine.
“A
compression test uses the engine turning to generate the
compression in the cylinder for the
compression stroke,
in which both intake and exhaust valves are closed. A
leak down test uses a set of gauges and pressurizes the cylinder with air and measures how much of that air is escaping.”.
there’s good info here —>
Did a leak down test on my 2F
I think you said the PCV is new... are you sure it’s installed correctly? It’s a one-way valve and should ventilate (let air out of) the crankcase.
Is there oil accumulating in your air cleaner?
try adding Marvel Mystery Oil to your oil and see if it helps with the smoke...
I don’t have a real feel for how much smoke you’re seeing.
There are people on MUD who have run for years, with very little compression and a lotta smoke...
@JohnnyC comes to mind. Maybe he’ll see this and chime in.
nite!