Really loud backfire and nasty smell...

Well, I did have the coils wired wrong. I switched the 1/4 and 2/3 and it started right up. The only problem now is that it was idling around 5500 rpm. I adjusted the idle screw to the point that it was almost completely out, and it still idled that high.

Sounds like you may have a carb cable hanging up. I would unhook them from the throttle cable pully (near the throttle stop screw) and see if the spring is closing the carbs. Start it like that and if it idles way high with no cables attached and if the throttle cable pully seems to be closing all the way, then something in the carbs may not be letting the slides close down enough. Ed