Update: So I pulled the truck out of the garage and rev'd it at 2000+ RPMs for about a minute and then let it sit. After about 3 minutes the black smoke stopped.

I decided to take a for a little spin around the yard, and attempted to climb a sloping side of the yard. It went until the whole truck was on the incline and then stopped. I gave it a little more gas and no movement. So Yesterday I rechecked compression all 4 cylinders run around 150 PSI. Check the transmission fluid, everything seems good. Attempted the same climb again and the same result. This time I hit the accelerator a little harder and saw grass and mud flying by the window. Since the bed is not on the truck, I thought maybe the rear end is too light. So I stuck in 4L and up we went. I think there is still some tuning needed on the Carb, because she does smoke a bit (black) when I'm pushing it over 2000 RPMs under load. But for now, my focus is moving to the interior.

Pulled the bench seat out and plan on working on re-upholstering it due to wear and tears. More to follow.