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?