"Misting out the top of the carb even when fuel is shut off 'til it dies" would indicate a valve (or possibly camshaft) issue.
If an intake valve is set too tight, "popping back" through the carb will occur when the cylinder fires, on the other hand, if an exhaust valve isn't opening when it's supposed to, after the compressed charge is lit off, the exhaust gasses will "pop" back through the carb when the intake valve again opens.
A "flat" exhaust cam lobe can cause this.
First, check the simple stuff, firing order and timing, then run through the valve clearance setting procedure again, if OK, might as well check valve lift with a dial indicator to verify valves are operating as they are supposed to. HOPEFULLY, you can find some valve lift "specs", but even lacking them, check and jot down the "lift" of each valve and see if any deviate from the others.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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