6t4
Nice setup!
I ran your engine combo thru my computer and it says you oughta make, assuming the cylinder head is stock:
Torque 179 at 4200
Power 175 at 6100 [wow]
That is a hefty increase over the stock 194 but what a screamer!

Here's a couple more ideas on that smoke:

1. I know it's warm these days (I live in East Bay too) but is the intake/carb staying warm enough - is that Clifford heated?
If not, Ford used to run a 1" 4v spacer that ran hot water thru it, early 60s Ford, swap meet item, it would keep the carb warm. Not likely that's it

2. That intake is an AWFULLY big plenum for a little 194, with no ribs or anything, more likely to make the fuel puddle.

3. Try a 4v-to-2v adapter and run a 2v Rochester or a 2v square-bore Ford Autolite 2100 (they're dime a dozen and run pretty trouble free..) to see if that makes the problem go away. It won't be enough carb to feed it (you DO need 350cfm or so 4v rating to feed all that horsepower!)
But, if running a little 2v solves the problem you know it's fixed then.