Have you tried adjusting the idle mixture screw?
The last time my 84 needed an emission test before qualifying for the 25 year exemption, it failed. Not as bad as yours... 12, 21, 35, 44 - lean not rich. But still high CO. I threw new plugs, cap, rotor, fuel filter at it. Only helped marginally. Took it to the Chevy stealership and they passed it and charged me $400 for new plugs and carburator adjustment. Maybe you need a hotter plug to better burn those HC. Heed Clone TIE Pilot's advice. I checked your state's webpage, I don't see "dirty polluter" but "visible smoke." VA is the same, no exemption for visible smoke, regardless of spending the $715. Not just on parts but having the service done by a licensed certified emission repair technician. I am one in Virginia, (like what ssn 696 advised), I took classes at the local community college and passed the state certification test. Just for fun, I'm retired. Motivation was learning more about my '05 Silverado as practically everything here pre-OBDII is exempt now. What about your O2 sensor(s)? Despite not throwing failure codes new ones may provide better response. Without an exhaust gas analyzer you'll probably spend as much on parts and retests as paying a shop to fix it. BTW, that visible smoke and high HC could be be oil leaking into the combustion chamber.
Good luck with those repairs!