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Did you reset your timing?
If not start there. For a 400 it should be 10° BTDC. to start and fine tune from there.
If that's set next step would be re tune your carb. New distributor will perform differently than your old one as it may let more current through and cause hotter spark.
Raw fuel means the the engine is running rich. To much fuel going in/ not burning it all properly.
12 BTDC should be good. Is that off the ballancer? Sometimes the outer portion rotates on the ruber and the marks aren't true. Check by bringing the #1 cylinder to TDC on the ignition stroke. Then set the engine 12 deg back from there by using the marks on the ballancer as just reference marks.
New carb should eliminate the question of the carb as it will be baseline set. Not perfect but enough to run.
The carb and intake will be good for the engine. Definitely will help it out.
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