Alright, I tried unplugging the breather tube from the carb, and now as I expected when running (which it does now, though still with a bit of smoke), there is fuel with some oil literally gushing out the tube.
I'm less familiar with everything that could cause this but it seems to me that would be a gasket blown somewhere. Although, where and what gasket could be holding back that much fuel? I know something major blew to cause this, but I'm still a bit mystified as to what the cause would be without tearing it apart.
I don't think I mind tearing it apart but I'd like to have some idea going into it where to look for problems.
Anyway, thanks for you help guys!