If the total is at 34* and you have not messed with the advance stop bushing. You probably got about 8* initial or so..... Way not enough to burn the fuel you are putting in the cylinders. Exhaust Smells like a fuel spill too right? Bump the initial to around 22-26* and see what it likes then pull the dizzy out and limit the stop for a total of say 34*. That will get you in the ball park.
THEN start messing with the carb after you get the timing right.
