Hi Jim,
My understanding is that on certain mc21’s, there are markings such as a dot indentation on the carburettor slides.
When at 50% throttle, the dot on the slide should be at the top of the carb throat and the first line on the oil pump pulley should align with the oil pump body mark.
When at WOT, the mark on the middle of the pulley should align with the oil pump body mark.
From your photo, your pulley seems open a few mm more. I’ve been told that adjustment of the oil pump cable isn’t so critical as long as you’re close enough.
With regards to smoke and spooge, I would check your float height is around 13mm and your jetting. I also had a issue with spooge and coming down one size on the main jets resolved it.
How are you riding your bike? What do your spark plugs look like? What oil are you running?