First, good lookin Bronco!
You could probably use a new cap and rotor but don't think this is causing your black exhaust smoke... it's getting too much fuel.
What all did the rebuild consist of? Just thorough cleaning and new gaskets or were there hardware changes, like needle & seat, power valve, accelerator pump, etc.
Things I would check and try
**check and adjust your float levels if they need it - you'll want the fuel level just at the bottom of the sight hole with a slight trickle when you rock the Bronco back and forth.
**air mixture screws at the metering block - if they are too far out, you could be getting too much fuel. You can screw them all the way in so they slightly seat (do not over tighten these, you can damage the seat), then back out 1.5 to 2 full turns and start from scratch. You'll want to adjust these the same on both sides and you are trying to achieve maximum vacuum at idle. If you do not have a vacuum gauge, you can turn the screws CW until the motor stumbles, then back out 1/2 turn
** did you make any jet changes during the rebuild? If yes, what was the old / new sizes?
If none of these remedy the black smoke, you may have to pull it off and go back inside and re-evaluate the rebuild and check for internal problems.
If the air/fuel mixture screws do not cause any changes, the power valve is probably blown. When you turn the motor off, do you notice any vapor coming up and out of the carburetor? This is usually a sign of a blown power valve.
DJs74