Gary, that's how I learned... messing with the SU's on a 1962 MK I (948 cc) MG Midget. Everybody's got to start somewhere.
Your local (also on-line) Harbor Freight, the infamous China tool outlet, is a good place to get cheap tools. They have a digital caliper set (just like Hap's dial calipers but with a digital readout, and they may not be quite as accurate at plus or minus .001 inch) for around $20. They're good enough for general use. I use a pair for my wood turning. There is a thin rod that sticks out the back end for measuring depth and this rod can be used to measure the depth to which the jet is recessed.
As far as the HS4's go, remember the jets must be correctly centered so the needle does not rub on the jet opening. The piston should fall freely and land with a metallic thunk. Use the lifting pin to check. The piston MUST NOT stick. The only part of the piston/chamber assembly that should be lubricated is the outside of the machined surface of the damper tube. Of course, oil should be in the damper, too. All else should be cleaned but not lubricated. Seems to me the piston and chamber are a matched set, so don't get them mixed up. And you're right, the spark plugs are the best way (without a Colortune or some fancy analyzer) to check the way the SU's mixture is adjusted.
As to your spark plugs, and if I remember correctly (and this was with "real" leaded gas)...
You should be looking for a light brown color on the center insulator. This indicates normal running. If you have dry, fluffy, black deposits your setting is too rich. If your center insulator is whitish, your setting is too lean. Before you reinstall the plugs, always clean and re-gap them.
The dry, fluffy, black deposits could be caused by a too rich jet setting, but could also be caused something common to all cylinders; check for restricted air filters, possible float needle leakage, or improper use of the choke if the deposits are on all of the plugs.
If these deposits are on only one or two plugs, look for something specific to that/those cylinders; check for faulty high tension lead(s) or check the valves as you might have a sticking or burnt valve.
If the deposit is a wet looking black, that's oil fouling. If the engine has been rebuilt recently it probably isn't broken in yet. Otherwise, you may have worn engine bits. Check your compression.
I don't know how the ethanol polluted "gasoline" they now sell would affect these plug readings. (Fortunately, we can get unleaded non-ethanol gasoline locally, but it's still low on octane.) Anyone care to comment on these spark plug indications?