On my '69, there was a 1406 (manual choke, right?) atop an adapter on the OEM Q-Jet manifold. It had Hooker headers and an HEI with an RV camshaft. Beyond that....nothing out of the ordinary.
But, it ran rich....rich enough to bring tears to your eyes/nose if you were standing in the exhaust stream. Nr. 1 plug would gas-foul every few weeks. The oil was diluted from the the excess gasoline washing through the cylinders. Timing was set at 10BTDC, I believe. I did have to replace the vacuum advance because the old one wasn't working (used one intended for a Vette that was recommended in a magazine I read).
I finally bought an Edelbrock 2101 Performer intake and an Edelbrock Q-Jet. I had to add a heat shield to the starter because the new intake/carb ran so much leaner that the heat soak from the headers made hot starts a problem.
In my opinion, if you have it tuned and running like you like, it starts easily and gets decent mileage w/o oil dilution, you should be good to go. As for the liquid you see/saw from your exhaust system...it's condensation. As far as the exhaust system color goes, we used the term "chalkin' the pipes" to indicate a good, lean-running engine. It wasn't something you saw if you were driving in town, but would be apparent after some highway running.
www.edelbrock.com should have tuning technical help available if you have any questions.