To answer PMI's question on burning oil, the plugs are very oily and the blue smoke exits out of the exhaust. The engine has no leaks. Unfortunately, I can see the smoke covering the car behind me when I take off from a stop light.
Mike, your 2nd step has already been done. The only thing I haven't done w/ the carb is change metering rods (edelbrocks version of rejetting). I'll attempt step 3 and see how it goes.