The AFC II needs to be tuned ON A DYNO. Dont just start making arbitrary adjustments without knowing what you are doing. Not to mention that you are not very familiar with the unit itself. You need to find out what A/F you are running BEFORE making any changes. I would leave it alone until you can afford to have it professionally tuned. This is what they will tell you if you call A'PEX. A'PEX will not give you tuning parameters. If you would like to learn how the devise works, just for knowledge sake, you can download the instruction manual from their website
http://www.apexi-usa.com, go to the "documentation" section.I wouldnt recommend using your stock O2 sensor for tuning. It is designed for emissions, not tuning. Your results with the stock sensor will be delayed and inaccurate....a stab in the dark at best. Most respectable A/F monitors come with a high grade O2 sensor. Either way, if you dont know how to tune, get it done by someone who does.Also, with black smoke you are probably correct in assuming you are running rich. You should also be able to smell the fuel. Oil will usually cause white smoke with a hint of blue.
DYNO TIME!!