The car had new valve stem seals put in about 2 months before I bought it.
I think it was done to combat the smoking, but I'm thinking what took place is that someone changed the fuel pump, which caused an overfueling issue because of fuel pressure overload. They put a new carburetor on to try to fix it, and over time, it carboned up the combustion chamber so badly that it was losing compression.
I changed the oil with 15w40 Rotella before doing any work on the car. That oil, after about an hour of runtime, was extremely black and gas-washed.
Once I put a fuel regulator on, the car still ran rough and smoked, but I put fresh oil in and half a bottle of Rislone. After making that 60-mile trip and rechecking plugs and compression, the engine is coming around. Oil was clean, and the smoke is down to probably 1/10th of what it was.
I'm going to remove and clean the distributor tomorrow and put in a new set of Autolite AP46's and get my timing dialed in, also going to get it on a steady diet of Berrymans in every tank or a bit and put some miles on it.
Once the oil starts to get tinted, I'll change it again and recheck compression and post updates.
In just 60 miles, my average compression went from 108psi to 121psi, so it is waking up.