EXAMPLE #1
Lets analyze this plug, sorry the numbered points aren't clear but it's 1-4 you can figure it out.
#1 Is a timing indicator, you'll see a definite color change on the ground strap, it doesn't show well here but you can still see it right about at the arrow. Too much timing and the color change will be very close to the threaded body of the plug, too little and it'll be closer to the tip. Ideally we want it right in the apex or center of the 90 bend on the ground strap. This plug shows too much timing for the combustion chamber efficiency or octane level.
#4 Arrow shows another indicator of timing, you'll usually see a brown ring right at the tip of the porcelain area it should be a sharp and defined ring about .020 wide. Wider indicates not enough timing and any smaller , or only 1/2 way around or nonexistent as in this image is the second indication of too much timing in the motor.
#2 The tip of the ground strap is loaded with OIL deposits, fuel deposits are usually flat black in color and almost like a fine powdery deposit, this motor is leaking oil into the combustion chamber, bad valve guides, leaking valve covers allowing oil to seep through the plug threads, whatever it needs to be fixed.
#3 The threaded portion of the plug gives you the heat range, look at the threads you'll see that a few toward the tip are a dull burnt looking color the rest are black and shiny. You want about 2 threads showing the heat on the end of the plug and the rest of the threads to be shiny, this plug is impossible to read because of the oil mess. If you using a longer reach plug than this one 2.5 to 3 threads is optimum.
To increase the number of burnt threads increase the heat range of the plug, if you have 4-5-6 threads burnt you need to get a colder plug.
Looking at the color of the porcelain I'd give this carb a passing grade at the mid range and not to bad on the idle circuits although that dam oil leak makes it tough to really get a good read. I'll get some better shots for lesson 2.
EXAMPLE #2
The plug is showing me by the deposits on the tip of the electrode and also the deposits right on the edge of the threaded body.
that it's slightly fat at idle.
The white porcelain is showing a lean condition at WOT, it's not too far advanced as the total timing mark or color change is right in the apex of the ground strap curve. The Idle timing is shown by the triangular hazing up on the flat of the ground strap and without even looking at the distributor specs I can tell you that the timing on this SB Mopar is about 18-20 initial and 34 total.
I would need a better picture of the threads to determine the heat range.
Changes:
I would try and lean it out just a touch at idle and up the jets by 2 points to fatten up the WOT circuit.
That slightly lighter color at the tip of the ground strap indicates too much gap, nothing serious but next time you change plugs I'd go to about a .036 gap from the current .040. Too much resistance caused by too wide of a plug gap can cause excessive heat on the tip which will shorten the life of the plug and really give you no benefits. I believe excessive plug gaps are not required on most Muscle and bracket cars, once you get into real big compression and major power you would open up the gap and replace plugs 2-3-4 times a year.