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Yea...I'm cool with all that.
If I were you though, I'd make sure the timing and all that is in good order, get a new set of plugs (Bosch super with copper...don't go with the platinum...they suck), make sure the valves are properly adjusted...and...well....give 'er an Italian tuneup.
If there is damage already, you won't make it worse. If it is a sitting issue, you might just blow it out. Put a few miles on it!
Heck...another thought.... and I almost bet this one is the case...
You got a tankful of water.
Doesn't take much. Water settles to the bottom of the gas tank. Your car hasn't run all winter. Surely, an ounce or so of water condensed in the tank, settled to the bottom, and the fuel pump is sending that to the carbs...but...
As I said before. Water don't burn so well. I'm thinking as I type....
I've changed my mind about your problem. Get a clear bottle. Remove the hose to the carbs and make it go into said bottle (stop smoking at this point). Crank the engine. Then look in the bottle, and see if you have a layered mixture. the gas will float on the water.
Dispose of the ugly mixture responsibly (an old American truck with a V8 will burn it fine), and do it again until you don't get the layered mixture. Then hook it all back up.
Of course, you still have to drain the floats. But...that should be easy enough.
Well....actually, that doesn't explain the excess water under the valve cover (we'll write that off to condensation)...but it could explain a weak hitting cylinder, and it could explain white smoke (steam) on startup, and the lack of power, and the fact that it seems to miss.
Probably not the case, but it never hurts to check the easy stuff before you tear into the engine again.
I expect most 1800S owners know about water in the gas... In your case, it could just be from sitting all winter. How many miles have you put on it since you did the timing gears?
-Matt
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