weird smelling smoke!?! please help!

so are you able to run as much advance as you want as long as it doesnt ping? because since i've disconnected my vacuum advance and brought the total down to 42 it doesn't blow nearly as much smoke, and it doesn't stumble at all when i mash the pedal, but the performance isn't as great as it is when the vacuum advance is hooked up with the total being at the 54, but then i have the slight stumble, and the weird smelling smoke.

Yes and no. Virtually everyone who times their car by ear will have it too far advanced. That's because the car seems to run better and with more power. However, you have to remember that every spark is a mini explosion. You want the piston in the optimal position when that happens. Otherwise, as Bad440 wisely stated ... "there could be a cutting torch at work in your cylinders". Higher octane fuel allows more advance before pinging. If you like the power with your high advance, try some expensive race gas. I have to mix mine no matter what with my compression, but if I want 38 degrees and full power, I have to run full race gas, and that costs a fortune. All that being said, 42 is too high. I don't care how much power you have or any of the fun stuff you are getting, 42 is too much. There are threads and many good guys on FABO who can talk about your vacuum advance and whether you need it or not, but no matter what you end up with, your max total timing should be mid 30's. MAX. And with your compression, possibly even high 20's. I am 11.8:1 and I max out my timing at 38 degrees and run full 110 octane at that timing.