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I have no experience in cold temp driving with one of these old motors. In 1957, the Holley was THE new carb built for Ford, to go on its new 4V manifold. Identical or close to the 390. I think they were a few more cfms, but not sure. So it sounds like a match. Another good choice, though maybe more expensive in the long run, would be the Autolite 4100 with 1.08 venturis, but it may not get the mileage the 390 will.
Phenolic spacer between the carb and manifold sounds like a bad idea in those cold temps. You could take it out during the winter and reinstall in summer.
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1946 1/2 ton with Y-block
1964 F-250, 292 4 speeed
1990 Ranger 4WD
1954 Model 600 tractor
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