How did you check the timing and setup your carbs? What value did you use for idle timing and WOT? Where did you set your low speed needles for the initial run up? How did you setup your carb linkage? With the engine warmed up, in F gear at idle, in the water moving along, what is the rpm?
How much is too much oil? If you are still using the engine internal oiling system it supplies oil at an 80:1 fuel oil mix at idle and that increases to a 50:1 ratio at WOT...more oil needed at the higher rpms. Too much oil would cause obvious visible smoking. Even with regular dino oil that engine doesn't smoke much. I use syn blend and it hardly smokes at all, even on the hole shot and I'm running pre-mix 50:1.
Answer these questions and I'll move on.
Mark