361 Woes

Sounds to me like the ring end gaps on one cylinder have lined up. Try putting some miles on the car at freeway speed with some Marvel Mystery Oil in the crankcase. If the smoking hasn't cleared up in 20-30 miles, plan on rings and a hone job, possibly new pistons. If you have a fuel smell in your oil, you are not running the engine long enough to evaporate the extra fuel from starting and warmup and having a rich carb doesn't help. If you don't put some miles under load on the engine to clean out the extra fuel, the ring lands fill up with varnish. 10 minutes under load is worth an hour of idling. Hope this helps.