Having driven a Dart Lite myself in new condition for over 150k miles, driveability issues on the original system simply were not there as some people seem to imagine;what it implies on some website is not pertinent. It had as much power as any 1 bbl /6 in the day (my family had 4 in that time frame and I drove them all), and more zip that some because of the lighter weight. It would ping on occasion if you were OD on grades, and the power valve came in with a little delay over standard, but that was it; if you put your foot into it, it went fine. I am not fooling you.....
So your carb may be off but it is not a normal Lite system operation that is causing these symptoms.
Run a compression test on all cylinders; run it with the throttle propped open per the standard procedure. Oil smoke under load in gear is more likely compression rings. (Sorry....)
Erratic idle could be a vacuum leak (did the PO do a good job sealing things up?) or weak ignition, or poor compression. What have you done with adjusting timing? New plugs, wires, etc.?
Adjust the valves per standard procedures and lash; these engines are very finicky on valve lash.
Please do yourself a favor and do these standard things first on an unknown engine.