Okay Gents,
Thanks for the thoughts. hd4unm, it's a Carter YF 2100S that was very recently [professionally] rebuilt and otherwise functions perfectly.
Bill, I took the top off my oil canister after a short test drive tonight and subsequent long idle. It idled this time after the test drive and warm-up without dying. I have no idea what to expect. I did get the soot and condensation at first start-up, but I had it choked to the max and opening the carb up stopped the soot this time.
However, when I dipped my finger into the oil in the canister, it ran off like Kool-aid on a Mississippi mid-summer day. Definitely getting fuel (and lots of it) into the oil.
I could try closing the mixture screw and backing out 1-1/2 turns so that I know what it is set at, but I need to change the oil again first. I have not changed any settings on the carb since I bought it.
After I change it again, Chris and I will do a compression test, another fuel pump test, and post the results.
I should have bought stock in Chevron oil...