now i have blue smoke on start-up and acceleration. parking the mustang and building another engine. kinda feeling like i got F*cked when i bought this car.
Interesting take on the situation you have there.
Sounds to me more like you and your friend F'ed it up.
As you said, it ran fine before you messed with it.
You swapped out the wrong parts (knowingly) that help control the fuel mixture. How exactly is that the previous owners fault?
A couple things, g40 iron heads with run fine with 19's and a stock meter.
You probably didn't spin the engine to 7000rpm with an e cam, that cam is only good to about 5500rpm, your springs would never take it and the limiter is 6250.
Go back to the basics, start with 19's and the stock meter. If you don't have them, borrow or buy them, neither have any real value so someone may just give them to you.
The carb idea has it's own set of headaches and when those get to you and you try and sell the car, you will damn near have to give it away.