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Instead of the timing be "retarded" for SMOG reasons by Ford way back when, by something like 8 degrees? I might not be exact on the terms or explaniation of this exactily but....
You can get a new timing set gear and chain (double roller?) and get the timing set back to "straight up" or no retardation. I hear that will wake up that 351M alot.
I think you need a timing set for a 72 or 73 400? A advanced thread search will get you some info on it, I do not know the exact part #, I myself have NOT done this mod.
I am sure the 351M links in the other threads above have the part #'s you need.
There is only so much you can do with the 351M platform. They were never great performers even when brand new.
In all seriousness, as all ready mentioned, you may want to consider building up a 460 or 429 as it will bolt right up to your transmission.
Same horrible gas mileage but twice the power and torque. Also lots more aftermarket support and cheaper (relatively speaking) in the long run....
You can buy a junkyard 429 or 460 and build it at your leisure and just keep running your 351M for now. Once the new motor is built, drop it in and hang on!