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Sounds like at the very least you need a couple new air mixture screws and possibly a carb rebuild kit. If it sat for a long time with gas in it then that carb is probably plugged up. Also have you checked the timing yet? You might try running some seafoam through a vacuum line while it's idling and clean everything out good.
Sounds like you may have a vacuum leak around the throttle shaft in the carb, the bushings may be worn out after 49 years! they can be replaced.........Sounds classic, no matter what you do it will idle poorly and stall after deceleration. Squirt some starter fluid around the carb and listen for RPM increase and you will find the leak, just because someone rebuilt it, does not mean they did it right.......your float level may be messed up, many different things could be contributing here. Take the metal tag off the carb, and go down to Knecht's and get a rebuild kit, should be cheap, and a simple carb to rebuild.
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