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1963 Ford Fairlane 500 260 V8 carburator settings?

I am getting too much fuel smoke out of the exhaust on my 260 Ford Fairlane 500. It is blue which would sound like oil, but it has way to much fuel smell with it. I had the carb rebuilt and believe that it is set too rich and the idle needs to be adjusted down. It has been a long time since I performed any carb adjustments, but the idle screws would be turned in all the way and backed out 2.5 turns. As for leaning out the carb, there is a simple adjustment to twist towards lean. Can you provide me a rule of thumb on setting this particular one up with the necessary adjustments?
Alan Woll, October 2007
On most carbs while engine is at operating temp you should turn idle mixture screws in till engine rpms slow down and then turn out ill you get the highest rpm and do the same on other and repeat on first one ......the float might be set too high letting more fuel tham you need but if theres blue smoke its burning oil and that might effect everything as engine trys to burn oil

bg, October 2007
link Click here to see other fixes for Ford 500.