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Key was definitely sheared off and I think the reason for it loosening and tightening while spinning loose was there was a tiny piece of metal wedged between the gear and the cam shaft, as I would spin it that piece would make the gear rise and fall.
Hopefully it's the choke and not the exh. valves needing attentions. These old classic were built in the day of needing lead gas. And with out it, it slowly over heat the exh valves seats and burns away.
When putting the truck engine under heavy load like punching the gas pedal while going up a hill or passing another vehicle the engine starts to pop back through the carb.
Also a engine needing a tune up can also act the same.
Glad you got it running
Hook up a vacuum gauge to manifold vacuum, if it is steady then the valves are sealing well. A single rhythmic dip comes from an exhaust valve that isn't seating, and a wandering gauge comes from poorly seating intake valves.
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