Black smoke is fuel - either from bad ignition/timing or carb dumping far too much or being set incorrectly . Get the idle speed set right on 750 revs or so , no more . Make sure the float is set correctly as per the drawings and if it's brass make sure it's not leaking and getting heavy . I'm no fan at all of GM ignitions in these things - the Toyota parts were always superior and you don't need a high voltage system to fire a low compression six - it's a waste of time and looking for trouble - especially with the cam gears .
Sarge
Sarge