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Well, here's my current problem, 1979 E150 with a 302, I have tuned everything up and the van runs horribly and loads up on fuel. Is there anyway to test the ignition module?
I had a similar problem years ago with a `79 Ford LTD 302. It was an intermittent problem (no power, barely crawled, black smoke and it wasn`t the fault of the carb). Turned out to be the Ignition Module. All I did was replace it and my problem was solved. Hope this helps you.
I had a 79 until the flood last summer. My module stsrted to melt. It was mounted too close to the engine. I mounted the new one as far away as I could with the existing wires, and made an aluminum shield in front of it. Seemed to work ok after that.
You've ruled out the ICM, now is there any play in the distributor? Take it out, there should be no movement side to side in the shaft. There is also a PIP sensor in the distributor, it can be replaced too... It may be bad, my '82 used to cut out, not backfire, but would stumble and sometimes stall.. It was the pip in the dizzy... It could also be a sticking float in the carb.