Totally Dissapointed!!!!!

Fellas! There should not be raw oil running from your valve cover to your carb through your pcv. Especially with a freshly overhauled engine. Done correctly, engines should have 5% or less leakage after a short break-in.
Baffle the valve cover under the pcv. That is a must. Get rid of that big double pumper carb. For a clean running engine(up to a point) it is better to jet a carb up than to lean one down.Put on a smaller carb or a 600-650 vacuum secondary. Washing cylinder walls down with the wrong carb can cause smoking and ruin the rings. Make sure the timing and tune up is correct.
I would be afraid of the erratic compression on a new engine. Mis machined heads and intake can also be the cause of the problem. You may end up disassembling the thing to diagnose. It might have rings lined up. Good luck toolmanmike