The black smoke indicates too rich. Do a plug reading, if they are sooty black, it is too rich.
Possibly the float set too high, a partially sunk float, or trash in the needle/seat. If the fuel is left on will the carb start dripping gas?
If the gas tank is contaminated, flaking rust, it will get in the needle valve. Try taking a fuel sample from the drain plug in the bottom of the carb. See what is in the sample. if rust, dirt, water, the same will be in the carb, no matter how well it was cleaned. If this is a gravity flow system, you can also check the flow, it should have a continuous flow with the tank valve open. Not slow to a drip or stop flowing.
Be sure the filter screen is in the sediment bowl. There is probably a screen inside the tank above the fuel valve. Be sure it is clean and not corroded away or gone.
What type air filter does it have? If it is oil bath, there is a wire mesh filter inside the canister. It is often overlooked and may be packed with dirt and need cleaning. Also check the inlet for rat packing or mud dobber nests.
As for the ignition system, Do check the spark quality, when it is acting up. Check the spark at the plug wire end, should easily jump a 1/4" blue hot spark to ground. Check each wire one at a time.
Yes a bad condenser can cause weak spark. If you have an old one, try it.
As for the coil, need to be sure it has the correct coil. With the points closed, ignition on, check the voltage at the coil + primary terminal. If it is near battery voltage, there is no resistor and it needs a true 12v coil. The coil will have about 3 ohms resistance across the primary terminals.
If the voltage is lower than battery voltage, down around 6-8v, it has a resistor. It will need a 6v coil. a 6v coil will have about 1 1/2 ohms resistance across the terminals.
Many times this is not understood by counter sales people, they see a coil as a coil, not knowing the importance of getting the correct one. Get it wrong, it will have weak spark, or too much current across the points, burn the points and overheat the coil.
Also check the distributor for side play in the shaft. It must be tight for the points to stay set. Check the centrifugal advance, the rotor should turn a few degrees and spring back when released.
Just a few things to check when you get there, let us know...
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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