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Black smoke to me on start up indicates over richness, has the carb been set up correctly? I would run it further before jumping into throwing money at it or pulling it to bits and in the meantime chase down the oil leak. Got a high curb outside your place, get two wheels up on the curb so you can see more easily underneath to look for the leak
China Wall oil leaks have absolutely nothing to do with this subject of oily plugs. China Wall leaks blowout. Intake gasket leaks suck in.
I wouldn't even call the china wall needing an Intake gasket. (bead of The Right Stuff)
Most of us are talking about the Intake gaskets bottom edge, where it's exposed to the oily lifter valley. The gasket is under vacuum pressure from the four Intake ports on each head. If no sealant was applied along the bottom edge of that gasket, BOTH sides of the gasket, it will draw in oil vapors from the lifter valley.
It will screw up your Air / Fuel ratio, cause erratic idling, cause minor oil consumption and foul plugs.
It will also be an invisible vacuum leak to the naked eye and will not show up with carb cleaner, propane gas, etc.
The only indication of a breached Intake gasket is a jumpy vacuum gauge needle.