Are you taking about with the car in a garage or out in the open? Exhaust fumes can give you an indication of the car running too rich (smells like raw gas or close to it), however if your set up is close or at where it needs to be, you are still going to get some very noxious smell regardless (I went through this same issue thinking my car was too rich or had some issue, then put a O2 sensor on it and realized it was actually on the lean side). We tend to forget that old cars give off some rather nasty exhaust as we have been dealing with modern cars with catalytic converters etc on them which reduces most of this.
I am not saying your car is set up right, however I would not necessarily think it wasn't based off the exhaust fumes. Check it out methodically; start with the fuel side; is the carb set up correctly, are the plugs burning right (light grey/white), then go to ignition; set your initial and total timing. The main cause of the fumes is typically timing (not burning everything), however what you may be smelling might just be a hot mopar...