I can barely keep her running in 3rd and 4th gear. It's not over revving the motor like it is the rear end, just nothing left with pedal to the floor. I did replace wheels with 19.5 s. I know she is not for speed but just seems like not enough torque in the 239 flatty.

 

Have you done a compression test?

 

No, how do I do that?

 

You are going to need to get a hold of a compression test kit (either buy, or some major parts chains rent stuff like this) and it gets screwed into the spark plug hole.
Having been a shop teacher before, I'd recommend getting a basic automotive engine book from the library as this is a very common diagnostic procedure and can tell you a lot of whats going on in the cylinder.
Also do you have one of the manuals? It gives you all the factory specs for what to look for (in this case around 110 PSI depending on your elevation that will vary a bit).
If you aren't comfortable doing this yourself I'd find either a good friend, or a mechanic willing to work with you to get you pointed in the right direction.

 

A compression test is simply the first step in diagnosis. Without good compression, nothing else matters. You haven't given us a lot to work on; does it run smoothly but just won't go any faster, or does it miss and run poorly at higher speeds? Does it run OK at the same RPM in lower gears?

It could be fuel related; gas system plugged with rust, fuel pump not in good shape, carb full of crap

It could be ignition; no vacuum advance, timing way off

What work has already been done on it?

 

Pertronix with proper coil, no ballast resistor, new rebuilt carb, tank cleaned out. Starts usually the first time, no choking, no gas, idles smooth. It did have an inline fuel pump installed when I first bought it, but it was not functioning, so I took it off. Had electric cooling fan and put it back to stock with a multi blade fan off a '53. I drove it to town today, ran good until motor got warm about 190-200. Then had problems with it stalling as I shift into higher gear, 4th. Then it would not start for a while once it did it would only run a few feet before stalling again. Wife towed me home and it started right up after sitting for 2 hours. I will check compression.

 

Sure sounds like fuel. I wonder if the inline (electric) pump was there because the mechanical pump was weak? Would be worth opening up the pump to see if the valves are gunked up.

 

Check the coolant, of course when it's cooled down. Take a whiff, you should smell.....coolant smell, not good if it smells like gasoline. I had one with a cracked cylinder that only opened up when it was hot. Oil would not get into the water but exhaust and compression gasses would.
Also check the oil level. If thin smells more like gas than oil and is over filled the fuel pump could be leaking gas into the engine.

Things I would check.
1. dirty fuel tank.....maybe why the PO put on the electric pump. All repairs are for naught if the tank and lines are dirty. A dirty tank will turn a brand new carb and fuel pump to junk in 30 seconds.
2. Loadamatic Ford debuted an early version of the Loadamatic with the 48-53 Flatheads. This system is vacuum advance only and can be troublesome especially if the carb has been changed as they were matched up with the distributor to work together. Petronix makes no difference to the advance mechanism.
3. Overheated coil, ignition components and solenoid. Check grounds. If a 6-12 conversion make sure you have a proper ballast resistor wire from switch to coil. I have found that the Chrysler style porcelain blocks are less than bad.
4. Carburetor.
5. Fuel Pump
6. Timing.....maybe why it's over heating
7. Plugs....tune up stuff
8. compression as mentioned
9. cooling system...does it need flushed
10. Dragging brakes or drive train components. I had a 50 that would apply the brakes on it's own.....the relief hole was not drilled through on the master cylinder causing back pressure to build and the brakes to drag.....How I found what the problem was. Drove it to the FD and a citizen stopped in and said I left the lights on. The back pressure had activated the brake switch.

 

Tagging on with Ross, & F1, Fuel: has the fuel pump diaphragm and accelerator pump been updated to handle modern fuel? Smell of fuel in oil pan?
Ignition: distributor should be checked for proper operation. Check coil output. New parts can fail too.
Is the Petronix installed in an old distributor?
Sounds like engine temp is a symptom and not a cause

 

How do I update the fuel pump etc to handle the modern fuel? I'm feeling like I am fighting a losing battle here.

 

IMO no reason not to go electric and eliminate the mech pump, since your truck already is set up (perhaps improperly) for the electric. Pushing the gas to the carb is a better bet with modern gas. You would need a regulator, too, and some kind of safety shut-off.

If you want to update the mech pump, Daytona Parts (386) 427-7108 sells ethanol-ready parts. Daytona Parts Home Providing World Class Carburetor Restorations and Kits for Carburetors

 

I've noticed that I am still getting gas dripping from carb after it dies. What do I do about the advance carb combo? I don't want to change too many things at once, however. I'm so discouraged with this thing. There is no one that has knowledge of this engine near me. I do still have the carb that came on it but it leaks fuel even worse.

 

If you have gas dripping from the carb, that sounds like it's flooding. If it is, that is most likely your problem! Gas dripping from a carb is NOT normal, it is an indication that the carb needs to be repaired. Did you ever get a shop manual for the truck? Especially for the novice, it is worth it's weight in gold.
What part of Texas are you in? We have a lot of Texas members, might just have somebody that is near you or can recommend a shop nearby.

 

The repair manual for the carb is here, a free download (page by page):
The Old Car Manual Project: Manuals and tech info online
It's for a later version of the carb but essentially identical.
It does sound as if your float needs resetting at a minimum.

 

I am in Lubbock, TX