Engine oil smells gasoline

Fuel smell is from cylinder wash. If you are dumping gasoline down your carburetor, you are giving the engine about 400% the amount of fuel it needs and will contribute to the problem.

When I went through the body work and paint on my girlfriend's Scamp, I had the car down for about five months. I drove it into the shop and it wouldn't show fuel when I went to start it after assembly, five months later.

It doesn't take long for a mechanical fuel pump to go to hell on today's fuels. Replace it and get a good regulator for your new carb.

If you had dirt in the float bowl, odds are the needle and seat for the float are suspect. If it doesn't seal, it will flood into the upper vent passages, which lead to the inside of the carb's air horn, among other places and will dump fuel, unregulated by the carb's metering, into the intake.

The reason you don't see the timing mark is because it's not likely anywhere near down at 750-1000 RPM and the mark is way up under the water pump.

The 340 cam is a nice choice for a 318.