I have been reviewing your troubles and I am responding at this point because I believe this may be where the real problem may have shown itself. The spark basics are probably ok - it is running. The black smoke is too much fuel - that is the big issue to solve first I believe.
First, it sounds to me (based on the symptoms). like the cold -start valve is always "on" . The "blue connector is on the cold-start valve ?- not the black connector that belongs on the CPR. This is a common switch to get a "choke effect" sometimes if needed but, fuel will really dump into the engine if the cold-start valve remains open. If you have the correct connections and your not sure if the cold-start valve is working correctly - take it off and stick it in a can and plug the cold-start hole. While it is in the can you can see if it works correctly. There is a thermo-time switch that controls that valve - they rarely go bad but do get broken on the top. Something to check. The thermo-time switch is suppose to turn off the cold start valve after a short time as it heats up from the electric draw or turns off because the engine warms up. Failure is usually an open circuit but, if it fails closed, the cold-start valve can be always on.
Second - if you have messed with the fuel adjustment - are you sure it is back in the same spot where the engine was at least running? if it was running, that adjusting screw is the last thing to adjust. I am assuming it was running fine when it was "stored". And yes the hole should be closed - there is a special plug you can order from DMCH for that.
A non-functioning FV usually results in too little fuel. The FV is probably not the problem - at least the old one - the one you put in may be but, those too rarely go bad. Power is provided by the fuel pump control relay.
You may have a bad fuel distributor - at least the plunger rod and pressure control parts that provide resistance for the plunger to regulate the fuel flow to the injectors. When the fuel system is pressurized that plunger and the air valve disc you see should have resistance. When it is pushed down manually while the engine is running will usually kill the engine because it "floods " it. It should move only slightly when you rev the engine with the throttle valve. The CPR does play a role in this but basically when the engine is cold. If it is not leaking and the screen is clean it is probably working ok.
I could go into the spark stuff but I doubt that spark is your problem.
Bottom line ---- too much fuel. Start looking for things that can cause that - then be sure that all of the air leaks are closed.
Harold McElraft - 3354, et.al.