All fixed!
It was 54 degrees today, so I spent ah hour in the garage reviewing my problems. Last week I spoke to Marty at Ford Racing and he suggested that the pcv might be sucking
oil into the intake. I changed my valve covers and even though the 427w covers that came with the engine were an inch taller, I checked clearance and no problems with the valve train. So, first thing I tried was removing the pcv. That seemd to fix it, but I got
oil on the valvecovers. I then got the bright idea to add a 1" spacer under the valve covers and reinstalled the pcv. That did it! Set my timing to 16 BTDC, idle at 950 with the mixture screws out 1/2 turn each. This thing goes like stink!!!! Just spent the last hour driving all over the place. It doesn't smoke, it doesn't stink, it's not an embarassment to drive! My only real problem now is no tags. That's next.
Thank you so much to all who made suggestions and helped me work through the problems. Yeah!!!!