The compression test looks good. Some stuff you should check before you throw a carb at it. What color is the smoke? Blue smoke would be oil. Probably not rings with the good compression. Could have bad valve seals/worn guides and are fouling plugs. White smoke would be coolant. Head gaskets probably ok again due to good compression. But could be bad intake gaskets sucking coolant. Black smoke would be unburned fuel. Which could be due to carb dumping too much in to engine. Likely culprits are stuck needle and seat or sinking float. If it is the carb I would rebuild it rather than replace. The q-jet is an excellent carb when working right. Hopefully it is the carb it is the easiest to fix. Good luck, David