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I have a 86 f150 with the 300.
If I jab the gas it stumbles and almost dies. If I ease into the gas
it revs fine. 1st and 2nd gear runs decent but 3rd and 4th it will
barely pull it's self. Also, 50 mph is about top speed. More gas I give it, the slower it goes, and starts to stumble.
Could be timing advance - or it could be a vacuum leak... which would cause timing issues too. Check all of your vacuum lines and I suspect you will find the problem.