looking at the spark plug, it's kinda clean so it's probably coming from other than the intake runners.
i mean if you were trying to ignite an oily mix the plugs would tell you about it. And this stuff is pouring out the pipe, looks unburnt on your finger.
what's the color code/brand for that engine paint ? if you don't mind...it's the same color as my chris craft 327's.
take it easy with the carb spray on the rockers, too. if you are using the o-ring valve stem seals, the carb spray could eat them up a little and you'll get oil runnin down the valve stems.
And the compression may very well be low on #2 because the gunk around the exhaust valve is preventing a seal.
I'm leavin now. Good Luck.