Quote:

my 2nd guess will be there is something very wrong with the carbs dumping way to much fuel in the motor.



This will be my second Guess too.

The Cam timing as installed, by the Pics shows that it withen fine range to run Great.

Your 155 psi Comp is fine and matching for the combo.

Your Black plugs are a tell telling sign. Your either getting a dump load of fuel from one of your new 6 pac carbs or not getting the spark you need to ignite it at the right time.

The grey oil is not good. It could be the results of cylinder wash down of excess fuel in the cylinders, maybe taking out your rings to half life or more.