I wanted to thank those of you who have helped with my carburetor issues. It's now running correctly, (after sitting for 8 years) but I found out I guess the motor is shot. Tons of smoke, but lots of power. I'll drive it 'til it pukes!! The smoke in the picture is about 1k rpm.
Thank You!!

 

glad u got it running. if the engine has plenty of power but just smokes, it's probably just the oil control rings which a rebuild would solve. unfortunately a rebuild would also reveil other worn parts that would also need replacing. smoke doesn't seem to be too awfully bad tho.

 

Looks blue to me also. If it happens to be more of a white color then could be the intake mani coolant orings which are relatively easy to replace. Drain coolant first. Also, did you flood it before it finally started? I know mine sometimes takes a pretty good amount of time to clear out once I flood the crap out of it.

 

ya thats not much smoke at all, unless its blowing smoke like that all the time i dont see it as a huge prob.

 

Drive it around for half an hour and see if the smoke clears, shut if off for a min or 2, then see if the smoke reappears. Looks to me like it's just a little bit of oil burning.

 

Don't panic yet. Due to the age of the motor, it might just need a little use to get all of the kinks worked out. If I was in your shoes, this is what I'd do; add 1 can of SeaFoam to a 1/8 tank of gas and go for a reasonably hard drive, make sure that your oil level is not too high (causes smoke), replace 1-2 quarts of engine oil with Lucas Heavy Duty Oil Stabilizer. My motor was smoking like James Bond's getaway car until I tried the Lucas. Results were nearly immediate, and now its been 8 months without further issues.