Ok so... I was playing around some more, and I ripped some stuff out near the air breather to see what was going on. When I plugged the air intake the engine wasn't stalling, this was peculiar, considering most engines would bog out doing this.
Then, I noticed some hoses hooked up to the side of the air filter canister on top the carb. It looks like it hooked up to a smog pump of some type. I took some pictures and when I covered the two holes on this particular item, the idle jumped up and it missed a little less (still missed a bit but definitely not as much?) I know the 5.8 tends to idle a little rough so maybe it's just missing intermittently like that out of age.
Either case... what should I do about this "smog pump"? Should I just plug those two holes permanently?
Also, in the second picture, I took out a silver flex tube that was (for lack of a better term just 'falling off') the black box connected to the end of the breather hose. It looked like it was connectd to an exhaust pipe or manifold of some time... but when I wiggled it around, it was clunking like it wasn't connected to anything at all.. so I just ripped the tube out. It smelled like exhaust pretty bad up front... Thoughts?