Ill cut to the chase:
My dad and I recently got a B2 from a guy he knows. The B2 was the guy's father's, who died. The thing sat for about a year in a backyard.

After getting it up and running, everything seemed fine. The only thing we noticed was a clicking noise coming from the engine. At idle, it comes and it goes. We have no idea what its from, but we know its coming from inside the engine itself.
The problem: Last monday driving to work i noticed that the B2's power had dropped while going up a hill and while on the highway (~65mph). I noticed that the RPM's were going up, but the tranny wasn't shifting and the vehicle was actually slowing down. It wasnt shifting because the engine was generating no power, so its not a tranny problem. WHen i would hit the gas on the highway, the RPM's would go up, but the vehicle would slow down. Also when this happens, the engine starts sputtering and backfiring (especially when i hit the gas) like crazy. Now, it starts acting this way after only about 5-10 minutes of flat surface driving. Me and my dad noticed that if we let it idle for about 5-10 minutes after it goes crazy, the backfiring and sputtering stop and even that little clicking noise goes away and everythig is fine. Moving on, we are pretty sureit has something to do with the fuel system. Changed both fuel filters and the fuel pump is operating OK. The only thing left to check is the FPR. Can anyone offer any help?

 

b2's have two fuel pumps in tank and in line on the frame you said fuel pump did you know there are too. check fuel pressure before you assume anything with the fuel system. could be timing have you checked that? why don't you pull the codes before you decide to take apart the engine. these are just some ideas but definitely pull the codes and check fuel pressure

 

i pulled the codes and it came up with 33 and 25. the knock sensor and something with the EGR valve. well, the engine isnt knocking and it seems like the EGR valve on all fords has something wrong with it. i havent checked the timing. my concern is that it never ran like this except up until a week ago. havent checked the timing so i wont rule it out. im getting a fuel pressure gauge this week to try and take care of that problem.
anything else?

 

Are they KOEO, KOER, or continuous memory (CM) codes?
KOEO codes just about have to be electrical in nature.
From what I've seen, KOER 25 is usually a result of a weak "goose" when it's goosed, so be sure to give a good 3/4 to full throttle goose when called for.

 

these codes were key on engine running.

also, got a fuel pressure gauge, pressure is perfect. is the timing really a major factor?

 

Did you also get a KOEO 33 (or other KOEO code), or did it pass the KOEO test?
I don't know that timing would be a factor, unless the distributor hold down bolt has come loose which allows the distributor (and the timing) to jump around. It's easy enough to check the timing. See ignition timing tests at www.dalidesign.com/hbook/eectest.html

 

didnt get a 33. however, i got a fuel pressure gauge. the pressure is steady at like 36 or something. but i noticed that when i push the little release valve on the side of the gauge, air bubbles come out through the little tube. alot of bubbles. i figure there should only be fuel coming out, not bubbles. i think it might be the sending unit. what do you think?