I got the carb back from Cliff yesterday. He changed the float to a brass float, changed the jets, changed the power piston spring, changed the size of the idle tube and a few other calibration things. He said the way the carb was set up it would be way too rich at idle and too lean on full throttle...which is what I was seeing.
The heads are still being fully ported...port match, bowl work, etc. along with the replacement of every single valve guide (totally worn out). They should be back from the machine shop tomorrow.
The valve guide problems and the carb setup explain the startup smoke and rich running of the engine.
Hopefully when it all comes back together it'll be a smooth running powerhouse.