Emissions help

If you tell us what model carb, we might be able to give some tuning advice. Do you know if the engine and carb is from 1967? If a later engine, I think some regions require that you pass the emissions standards for the year the engine was made.

If you are getting oil on the plugs, that sounds pretty bad. I have had engines with low compression and never had that. Remove the oil filler cap, remove the PCV valve from the top of the valve cover and plug it with your finger so the carb doesn't suck in air, then look and feel for blow-by gases from the filler tube on the valve cover. If a lot of gas and puffing, that means bad ring wear. If that were the case, you would be burning a lot of oil and putting out blue smoke. My suspicion is that the "oil" you see on the plugs is actually black soot from running too rich.

The most likely cause for a carb to run rich is that its fuel bowl is over-flowing. That is due either to a sunk float or debris in the inlet that blocks the float needle from closing. Both are common and easy to fix. However, many other possible causes, as SlantSixDan stated.