Black smoke is too rich, as in the carb flooding or the float set too high.
White smoke can be several things.
Coolant in a cylinder, sweet smelling water vapor, indications of a head gasket, but would be accompanied by overheating and coolant loss.
Raw gas vapor, eye burning, strong gas smell, indication of loss of spark or compression on one or more cylinders.
No smoke, just rough idle that clears up with higher RPM, can be carb out of adjustment, minor vacuum leak, minor compression loss (check valve lash), points adjustment, ignition timing, etc.
Based on these observations, you can make a better diagnosis.
Do check the points gap, check the distributor shaft for side play, try an old condenser, check the electrical connections, especially from the coil to the points.
If there is black smoke, revisit the carb, could be the float has a leak and partially sunk, trash holding the needle valve open (a contaminated, rust flaking tank will be an ongoing problem).
If no black smoke, try adjusting the idle mixture, turning the screw in richens the mix, out leans. The idle speed must be down to 500 or less for the mixture adjust to have any effect. If it still has no effect, the idle circuit may be clogged.
Tight valves will get tighter as the engine warms. If they haven't been adjusted lately, might give them a run.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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