Fix the timing that it's probably lacking in initial settings. That alone will clean up a bunch of the rich issue you are smelling. Another plus, the engine won't be pulling under a rich condition out of the gate.
I'd buy an MSD distributor over a MP unit. Easier to adjust stuff. The bushings/springs that come with it should be good for dialing in the initial timing setting and curve.
If it doesn't have a cam in it, then turning it more RPM isn't gonna help it. Move the shift points around. Try shifting it LOWER, might surprise you.
Laying down in high gear usually = poor fuel delivery