Bullit - Based on the info that you have shared so far, I cannot help but to think we're missing something. Someplace in this thread you may have already answered these questions and I just missed them.

1. When was the engine built.
2. Was it run on a dyno?
3. When was the engine first run in the car?
4. What carb was on it then?, and how did it run?
5. Has it ever run correct with this carb?
6. Did you buy the carb new from AED?
7. Why do you believe that the smell is from being rich?
8. Does it smell idling in neutral as well as when its in gear?
9. What is the neutral idle rpm?
10. What is the idle rpm in gear?
11. 1/4 turn in and the idle deteriorates, but how many turns out (from being seated) are each of the mixture screws (I think someone asked this)?

Also, check the ignition timing while the car is idling in gear (obviously you'll need someone to help.) and report that back to us.

Finally, your throttle cable should be hooked up on the carburetor side of the carb throttle extension bracket.