...My First Guesses would be...LOW fuel-pump Pressure. Also, Check the Distributor for Cap and Rotor, 'Carbon Tracking'. And Spark Plug WIRES for Arcing to Ground...You Test for this, in a Darkened Garage, watch the Wires while a helper gives the Engine a couple of Revs. You will see every arc-over, Instantly. There are 50+ causes for what You describe! From 'Water in the Fuel', to a 'Bad Coil'!
Good-Luck
MJ
...a side note. You smell Gas. How Old is that (Mechanical) Fuel Pump Diaphragm?? If the Diaphragm should be rotten/torn, it may work, barely...and will Pump Fuel into the Crankcase. Gray Smoke is Burning Oil. Running Rich is Black Smoke. White Smoke is Water.