smoke coming out of tailpipes.

so the car smokes - so what?

the motor sounds GREAT - I'd drive it til it goes boom, then worry about it

 

That sounds like a very aggressive cam, which has a lot of lift you are running excessively rich, you need more initial timing this will clean that idle up nicely and your idle is low go up a couple hundred RPM's

 

Mark the plugs on the top of the ceramic with a marker. Pull and check them. If the majority of the oil and crud is on the lower part of the plug it is the rings. Upper part of the plug and it is from the heads.

 

I had a similar problem. It turned out to be a vacuum modulator. Tranny fluid was getting burnt up like no tomorrow

 

Are you running ethanol? I know my car hates that stuff.

 

Have recently changed to a different type and weight of oil?
Just trying to eliminate all the possibilities.

 

when the fuel mixture screw does not do anything it's almost always a bad power valve

 

Or the rpm's are to high and you are out of the idle circuit.