Welcome to CHR!

Well you right in saying we’ve got some knowledgeable folks here. I learn from these folks all the time and appreciate the camaraderie that is found here. A Jeep with a Chevy small block has always been a real kick. Had a friend in high school that dropped a 327 in an old CJ and it was a real screamer – hard on axles – but a lot of fun to drive.

You’ve already got a few good suggestions concerning voltage at the distributor when cranking but for sake of argument I’m going to assume that you have proper voltage at the distributor as the vehicle ran when you got it and it sounds like it runs okay once it fires up. That said I’d still go through the basics and if you haven’t done so, procure and install new cap, rotor and plugs. If you have an HEI ignition points are not your issue. If you have a point type ignition, change them and set them at .024 -.026 and check the dwell. It should be 28 degrees. If you need help, buy a Chevy tune up and rebuild book from Amazon or your local book store. Chevrolet Engine Overhaul Manual (Haynes Manuals): John Haynes: 0038345103056: Amazon.com: Books

Next, download this document:
http://www.holley.com/data/Products/...0268-4rev2.pdf
It will help you diagnose, adjust and if required, rebuild your carb. If you have the stock fuel pump, your delivery should be fine. If you have an electric pump, get a regulator and a fuel pressure gauge and adjust to +/- 5psi.

Sounds like you may have a raw gas issue (could account for smoke – and definitely the smell). The Holley is fairly straight forward to rebuild and if you’ve done two-stroke outboard cards you should have no trouble here.

Regards,
Glenn