Tuning with jets, Power valves and an O2 guage

Regardless of what the problem is, take ONE approach and follow it completely THROUGH. From what I have read, you've not done that yet, regarding the distributor advance and that could fix your entire problem.

Take one approach and follow it through? Actually, I have. The UEGO guage & 02 sensor was used to get the A/F ratios in the proper range. I've upjetted and down jetted the carb, I've changed power valves. After much work, I figured that the carb isn't the problem.
The engine ran hot during cam break in. I added a fan shroud.
The fuel boiled during cam break in. I tested the fuel pressure and found that it isn't an issue. I later read that an engine often runs hot during a break-in session because the carburetor isn't under a load. It runs lean because the power valve rarely adds additional fuel. Don at FBO suggests to UPjet a carb for the breaking in of a new cam or engine assembly.
I thought that the leaking intake gaskets could have led to oil getting into the chambers, so I replaced the gaskets and valley pan.
I have tried using another MP distributor. It had heavier weights and a slower curve. I narrowed the total advance too. Maybe I didn't take it far enough with the tuning of it, but I did try. I read about how to map your curve with the distributor in the car. This is still on my list of things to do. A guy sent me a link to a Mallory tuning kit I might get to mess with.
I know that sometimes I look like I am wandering around randomly with no direction. I'm not too proud to admit when I make mistakes. Some people have suggested that I find ONE person that I know and trust and follow the advice of that person. That sounds great, but I do not know anyone with a similar car and similar engine in my town. The engine builders I know are not performance guys. The guys in my car club are mostly into stock stuff. The racers in my car club have stuff way beyond my car. I'm sorta in the middle on this one.
THIS is why I ask questions online. I hoped to cast a bigger net and sift through the responses to find a solution. If some get bent because I don't do exactly what they suggest, I'd tell them that there may be several reasons for that. Maybe I missed their response because I read it while the wife was talking to me. Maybe their suggestion wasn't in my price range. Maybe the advice didn't feel right. I appreciate the efforts though.