Hey guys, heres a basic overview of my problem and what ive done to try and fix it:

The engine is a 302 with a "mild RV cam" and stock heads, Holley 1850 with 65h jets, and the power valve is a 6.5. The engine was rebuilt by a shop about 6 years ago and has since sat, it has seen zero road miles but was ran shortly after it was rebuilt.

The battery was drained through the coil, points, and condenser (bi-passing the ballast resister).

The problem I am having is I will start the engine up when it is cold and it will run and idle, it will idle (1000 RPMs) for about 3 or 4 minutes and die on me. At this point it will not start again, it will just stumble and act like it is tryign to start but never will. If I let it sit for say 30-45 minutes it will start again and the same scenario will repeat.

What I have done and checked:
Replaced coil
Replaced condenser
Replaced points
Dist cap is fine
Rotor is fine
Wires are fine
Rebuilt Carb
Set floats
Set idle screws at 1.5 turns from seated
Power brake booster is not leaking
Pcv valve (new valve) is hooked to the port on the carb
Installed a new intake gasket and carb gasket
Timing chain is set correctly
Firing order is correct
Good supply of gas to the carb (even at idle) (new fuel pump)
New plugs gapped according to manual (old were fouled badly)
Points Gap set correctly
Compression checked --> ranges from 110 psi to 127 psi

I've checked just about everythign I can think of. The only thing I havent done is removed the valve covers and adjusted the valves.

Do I go ahead and adjust the valves now? Where to next?

Thanks,
Jason

 

So we know you have air, fuel and spark at cold start up, but have you checked to see if you have the same after it dies on you? Once it dies, check you carb and see if fuel is being introduced, and pull a plug and verify you still have spark.