Put points, condensers, plugs, carb rebuild with new float, impeller, gearcase seals (just spaghetti and output shaft) and the old gal runs great! After running on a stand in a barrel, I emptied and removed the barrel and noticed that there was some oil and water draining out of the intake screen area. Didn't look like/smell like gear oil and no water drained out when I checked by removing the gearcase drain screw. Was this oil from the exhaust output? I was idling it and running it at the fast throttle setting while adjusting the jets (total run time about 15-20 minutes and it was pretty smoky at times. Normal residue or do I need to do more with seals? I am running it at 24:1 with TCW-3 oil. Any opinions?