1990 Porsche 911 engine malfuction

Purchased a 1990 porsche 911 with a 3.6 L engine about 1 year ago and never put the car on the road yet. I only move the car out of the shop area when I have to move an aircraft in for work. Run time was not more that 5 min. Each time I moved it. It ran like new when I bought it a year ago, but the last three weeks its getting to the point where it won"t stay running and real hard to start. Oil level went into the red and it started to blow oil smoke out the exhaust. Water had formed with in the engine due to the short runs, so I drained all oil in system and filter and replaced with new oil. Replaced plugs/checked dual distributors/coils/and drain all the fuel and replaced with fresh fuel. After all that engine starts and starts to flood out with in 30 sec. Very rich, blows black smoke then white from washing the cyl walls because of too much fuel. If I pul the fuse on the fuel pump it clears up untill fuel burns off in the cyl. What can I do next to resolve this issue? THANKS Bob