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OK guys, I've removed the carb and I am cleaning it... it doesn't look to dirty, but I'm making sure that I clean out all the little passageways. I am kinda stumped as to one component mounted on the carb though. It is connected to the ported vacuum along with the vacuum advance, and it looks like something used to screw onto it. If i push on the little needle while sucking vacuum through it, it opens up and there's a vacuum leak. It's located on the front side of the carb.
Ok, quick update. I cleaned the carb and I also replaced the valve cover and intake/exhaust gaskets. i did use the intake/exhaust combo gasket, as I reused the old exhaust manifold. Upon removal of the manifolds, I discovered that one of the tabs had snapped off on the intake so I braized it back on and I didn't hear anything crack when I torqued it back down. I fired it up, and it idled great, ran pretty good in 1st and 2nd (not the power I remember, and a bit of knocking) and in 3rd it just had no acceleration and it knocked a decent bit if you stomped on it. I brought it home and checked the timing; it looked to be a few degrees advanced, so I set it back to what was 6 degrees (as best as i can tell. It is REALLY HARD to see the timing notch!) it makes a funny sound, and I can get rid of most of it by tuning the idle mixture screw. I will try and take a video to show you guys the difference. It also doesn't run quite as well when I set the timing at what i think is 6 degrees