Based on the black smoke, and absent of any other information, my guess is that you have a distillate carburetor and you are running rich because of the damaged adjusting needle. I think I would buy a new needle and try to adjust it in enough to lean it out a bit from where it is now running. You can get a replacement needle (on this site for one place) for a reasonable cost.
Maybe someone with more information will be able to add something to make a better suggestion.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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