In general, with a "warm" cam shoot for around 20 degrees initial and 34 or maybe 36 total mechanical advance. Based on what you are seeing with the light, suggest you back off timing around 4 degrees.

One thing that is important to check is the timing marks. They can be off quite a bit. With an assembled engine checking with the "positive stop" method is best. The positive stop screws into #1 spark plug hole. It has an adjustable stop bolt that extends into the chamber and is adjusted to hit the piston top. You adjust the bolt so it hits near TDC. Roll the engine one way until it hits and mark the damper. Roll the engine around the other way until it hits again and mark the damper. Half way in between the marks is true TDC.

My timing marks were off nearly 10 degrees. This step is really important.

As far as mixture, a higher overlap cam will typically smell rich at idle. Its passing some un-burned mixture through the chamber. To some extent its not avoidable though correct advance and idle adjustment can help. More important is the mixture under load. One way to check is to run it down the road and run it a bit hard. Then shut it down with minimum idling and pull the plugs and read them (or post pics). Another way to check is to install a wideband AF meter and monitor AF under varying conditions.