yo
I just lost a lot of typing here, again...
I know Fred has a mucho better handle on this that I, so all I can do is pass you on to:
Recarbo
Look @ various sections incl;
Smog Trouble-Shooting Chart The complete chart of smog problems.
FOR EXAMPLE:TEST SPEED, CO, HC, SYMPTOMS, POSSIBLE CAUSES,
CRUISE (2500RPM) Dyno: 60mph @ 30hp. CO HIGH, HC NORMAL;
Exhaust smells rich when throttle is held at a steady cruise speed (2500 rpm).
Float level a little too high.
Main jet a little too big (possible but least likely. Check all other items first.)
A little dirt or gum partly blocking the main air bleed.
Power valve leaking a little.
TPS out of adjustment.
...................
See more there
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Edelbrock CARBURETOR FREQUENTLY ASKED QUESTIONS: How can I lean down my carburetor to get better mileage?
A: First off, make sure the correct size, (cfm) carburetor is installed on the engine and be sure the idle mixture screws are properly adjusted (see page 6 of the
Owner's Manual). You can always make your carburetor leaner, but this will not always improve gas mileage. Since every engine is different, there is no way of knowing how much of an affect leaning down the carburetor will have on your engine. You can refer to your carburetor owners manual (download here) and the calibration chart inside to lean down the carb. Start off light, but keep an eye on the plugs to make sure you aren’t taking it too lean. You will see on the chart that you can lean the carburetor down in different percentages in different modes, cruise and power.
..etc.
See pages 6, 11 & 12, etc of that Manual which is 1.83 MB pdf