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I was driving my truck around 79 ford f250 with 400 and i noticed i was low on gas so i went to the gas station and put just the cheapest gas they had which was ethanol (which i realized later) and after i took off i noticed i lost alot of power and it was alot quieter and it was even back firing and it would barely run. Could it be the gas? Can i run ethanol? Or what else could it be because i dont know what to do it did it instantly after i put the gas in and started driving down the street.
I would imagine that you can change your timing temporarily until its gone to make it work, but Im not positive, the backfiring issue makes me think that its combusting sooner (or later) than gasoline, is it backfiring through the exhaust or carb?
beyond that I dont know much more about the effects of running pure ethanol in something this old....
This is all conjecture and guessing to add to what Dennis said, I have zero real world experience with this sort of thing