Berliner Bel Air said:
Here's a little more detail: the idle mixture is fine and steady at 13:1. But cruising around it is still at about 13:1 where (I judge by my Qjet experience) it should be around 15:1 or so. Under full throttle acceleration mixture gets overly rich at about 11:1 - 11.5:1. So I think one size or 2 sizes smaller jets plus retuning the idle circuit should help both power and gas mileage (the 58 Pontiac is too thirsty for a 283). A friend driving behind saw black smoke under acceleration as well.
You can try going to a 1/16" lower float level. But ultimately, smaller jets may be needed.
Do you have a SBC in it? A '58 Pontiac should have a 370. '55's had the 287, '56 the 316, '57 the 347. Then in '59 the 389's came out, the rest, as they say, is history!
BTW, one of my short list of all-time favorite cars is a '58 Chieftain 4-speed w/Tri-Power. Black on black, black leather. A beautiful car, IMO. A guy down the street from our 'yard had one, he was always blowing head gaskets on it. But still an immaculate ride. Just beautiful, it was.