The symptoms -- flooding, belching black oil smoke back throough the intake, failure to restart when hot, sound more like a problem with the fuel injection system.

Have you done enough study of fuel delivery and injection -- and read the FAQ about things like faulty engine temp sensors, etc -- to see if FI is more the problem?

Here is John Parker's tech article on the Leak Down Test:

http://www.vclassics.com/archive/leakdown.htm