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390
I have a 390 in a 66 Bird and my compression runs the same as yours (cold engine) runs fine on regular gas and uses very little oil at 110,000 miles. I went to a little hotter plug as I do a lot of local driving and the plugs stay clean.
I have the stock Ford 4100 carb which continues to do a good job. I recently installed the Pertronix ign. system and is doing well also.
As 4-5-6 says, I would take a good look at your ign. system and carb. --black smoke means too rich.
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Joe DV
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