I suggest you read that haynes manual you bought a few times before you do anything. The carb section will tell you how to set the carburetor up. It's in the fuel system section, I believe.
Right now your car is running so rich that it's sending tons of extra fuel into your cylinders. That's why your plugs smell like gas. The good part is that your engine is probably okay - for now. The bad part is that all of that extra fuel is washing down into your oil pan and mixing with the oil. When it gets bad enough it will ruin your bearings.
Look in your emissions section and read about checking your computer controls. It's not that hard, you just need a volt meter. I think your oxygen sensor is messed up (probably dead) but that will only really hurt you after your ECM goes into closed loop (you will have to be warmed up and running for a while before this happens, so don't worry yet) so we need to check the things that affect your engine running in open loop. Your carburetor is most likely to blame because if it was not maintained before, the computer controlled mixture control solenoid is probably gunked up. That means you need either a rebuild or a replacement.
You should buy a new engine coolant temp sensor and install it. You don't need the one for the temperature gauge in the dash (or the temp light, if you have a light instead of a gauge) you need the one that feeds the ECM. The parts store should give you more than one choice. If your engine can't see the proper temperature, it will screw up the fuel delivery badly.
Do a compression check on your engine. The number doesn't matter as long as it is above 75. What's important is that every cylinder has nearly the same number, say within 10 percent or so. Do that and then check back in with us.
If your compression is good, it's time for a used carb from the wrecking yard. I think all of your ignition stuff is fine because it starts well.