"losing fuel" is my impression of how the failure happens. The engine will run, with a lot of effort. I can pick up a slight misfire as it runs. As I drop the RPMs, they drop to 1K and the engine just dies.

I will have to look up the smoke test to run that, so no, I have not done the smoke test.

The dashboard vacuum gauge pegs all the way left when I crank the engine over and moves into the red as RPMs increase.

So I would drop the SP and add more air to the mix. I.E. turn the screw left? Just how fine of adjustment is needed. I did get some improvement by adding a little more air, 1/8 turn at a time. Just how touchy is the adjustment?