I've been trying to get it tuned, and it is running pretty good now.
One of the carbs was not 100% on the pilot circuit I think, cause it wasn't running on all cylinders at idle. I re-dipped everything and they seem to fire at all RPM now. The carbs are all synched, and now the pipes heat up equally.
The plugs look a bit rich, a lot of soot on the threads and electrode, but tan/white ceramic.
All in all, it's only been run for 10-20 minutes above idle. The smoke is certainly less now, but still a lot more than I'd like. Also smells to me like burnt oil, so that's what I suspect...