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Not sure on jet size, but the factory 2v's they had in the 70's ranged in size. Someone correct me if I'm wrong, but they went from 1.18" bore all the way up to 1.81" bore. Right now, I'm running a smaller 2v (Autolite 2100) on my 351m and it runs better than the factory 2v carb ever did.
I understand they had a pretty wide range of calibrations depending on lots of things including EGR/non EGR. I used an Autozone reman on my stock '78 F250 with 400m and it runs well.
I'd think there would also be a wide array of calibrations due to where the truck was originally going to be sold, due to elevation. A truck meant to ship to Denver would most likely have a completely different setup than a truck delivered in San Diego, as the mixture would be completely different. I know some of the carbed vehicles I've had have run great at home here in Spokane, but they'd run like crap at sea level. I'd imagine it's all in the jetting, as long as you have a carb capable of the cfm flow required for the engine. There are equations to determine a ballpark estimate on CFM requirements, and as long as the carb meets that, then it's a matter of finding the sweet spot on mixture and jetting.
Then again, I could be completely nuts.......(it's been brought up before).
You are correct about the sweet spot. Some foxbody Mustangs used to get better mpg's with bigger jets because they wouldn't have to work as hard because they'd get the correct amount of fuel. But, once again, depends on elevation.
My truck seemed easier on gas when I downsized the carb. Keep the rpms low and it will. May struggle a little at highway speeds, though. It could lower your mpg's, but it really depends on how you drive and the area you drive in.