Ok, I'll look more at the carburetor. What you say makes sense, and does provide an answer as to why the oil is diluted with gas. I'll start by taking the bowl off of the carb and check the float to see if it cuts off the fuel flow. There is a manual fuel shutoff valve and an in-line fuel filter between the fuel tank and the carb, but I never use it to shut off the fuel flow.
This problem seems a lot simpler than the head gasket, etc., and if it is the problem, I'll leave well enough alone, and won't take the head off at all. I will need to buy or make a few gaskets to replace those for the intake, exhaust, and the one for the breather cover over the valve springs. It will be a few days until I can get back there to work on it, but I will definitely keep this thread updated.
Thanks so much for all of your help and advise.
Ok, I removed the carburetor last week, and finally got to it today. When I removed the bowl, everything looked ok. I blew in the fuel line and manually raised & lowered the float, and it did cut off my air flow. I put it all back together, and cleaned everything as best I could. I made new gaskets (I picked up a small amount of material from the local garage who does all our auto work) and put everything back together. I think you were dead on the money with the float shutoff sticking open. When I opened the drain plug to drain the oil out of the crankcase, BLACK GASOLINE poured out! It had the viscosity of gas, it smelled like gas, but it was black from having diluted all the oil in the crankcase. It is supposed to hold a quart of oil, but I drained almost 2 quarts of gas out of the crankcase. THAT'S why it wouldn't run! I'm guessing that every time the piston want down to the bottom of its stroke, gas-diluted oil was blowing by the rings, and the valve guides, and flooding the cylinder. With the spark plug loose, much of it was blowing out the spark plug hole and the exhaust. Thus all the smoke, and not being able to run.
After I had everything put back together, I refilled the crankcase with 10W-30 synthetic oil, put in a new spark plug, opened the manual fuel shutoff valve, and hit the starter. I'll bet it didn't make two revolutions, and it fired off! I didn't have the top blower shroud on yet because I just wanted to see if it would run. It ran fine, and started to burn residual oil off the muffler, but NO smoke was coming out the exhaust!
I shut it down and completed the reassembly of all the cooling shrouds, and fired it up again. I let it run for several minutes at high speed, with no load, and it ran quite well, with one misfire about every ten seconds or so. After it warmed up, I drove it out of the garage, engaged the blade, and actually cut a little grass. Under load of the blades and moving forward, it never missed a single time. It appears to be running as good as ever now. When I brought it back into the garage, I shut off the manual fuel shut off, and let it run out of gas.
All back together...
Now, the only thing left is to reinstall the front grill and hood.
I want to thank you so much for your help. It really made this repair a lot easier, and it is greatly appreciated.
Harold
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