How long has it run since setting for ten years? Rings could be stuck letting compression past, that would explain the gas in the oil. If it has gas coming out the tail pipe, you have a major problem somewhere, my guess it's actually condensation that smalls like gas / exhuast. It may take it a while of running to loosen up, just a few minutes is not enough time. First step at this point is a valve guide test. You need to mechanically open each valve to be sure the guides are not sticking, this would be a really good time to adjust the valves. Second step is do a compression test, if you don't have a gauge, at a minimum, fill the cylinders with compressed air and to see if or where it's leaking out.
You could have bent a valve right off the bat and not know it. Guides stick, then free up, but when they are stuck, they can bend valves really quickly. It only takes two full crank revolutions to bend stuck parts!
Carburetors can go bad in a few months, I would never attempt to put fuel in one tens years old. Did you rebuild them?
Last edited by Joe H; 04/18/2022 2:01 PM.
