Hi James1,
The following link is the forum you need to join:
Classic BikeIt's full of Limey's, Kiwi's, Aussies, Canucks, and yanks with plenty of Meriden era expertise and are all current owners.
With that said, when my '77 T140V started blowing blackish smoke, I ended up being much worse than carb adjustment or changing to hotter plugs. It ended up having to redo the top-end. I was using the original Amals though and have no experience with Mikuni's on my old Norton or Meriden era Bonnie. I'm guessing you may have been frequently topping off the oil?
I'd compression test each cylinder (don't have my Meriden workshop manual handy as I'm out of town.) Also, look for leaks where the headers are pressed into the heads as this was quite common. Of course, looking for leaks is hard to do if the bike doesn't start.
Main jet size on the Amal MK I's on the stock Bonnie is 190. I don't know how the Mikuni's equate, but you make actually be way too big with 200 or 220's.
Immediately toss the points and switch to a Boyer electronic ignition. Also, ditch the lucas rotor and abandon the zener and rectifier and switch to a Sparx high-output unit. It comes with a regulator that replaces said old-time electronics. These modifications are all "hidden" and do not detract from the bikes asthetics.
Again, there are still some folks here who may have an old Bonnie tucked away and can give better guidance as they still own ther older bikes. My old bikes are gone as I opted to tinker because I want to with a new bike, not because I have to with the older ones (miss them though), Also register with the link I mentioned above.
Regards,
Tom