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I have an '87 BII with 2.9L 5spd. I took it in for the emission test and it has now failed twice for extremely high HC. Here is what I've done so far..
new plugs, new plug wires, pulled out and cleaned the injectors, new oil filter and oil, new hi octane gas, new catalytic converter, now o2 sensor, cleaned idle air valve, had it timed.
That would be my first question as well, what is the fuel pressure. If that fuel pressure is too high, or you have a ruptured diaphram, you are going to run rich.
My second question is, what plugs, what wires. Most later Ford models do not do well with anything other than OEM plugs and wires, and they especially run poorly on Bosch plugs and wires. I don't know if this applies to your application. What catalytic converter did you use. Did you try running Sefoam through the engine?
One other thing, that high octane gas is not helping anything, and may be making it worse. Run the octane recommended in the owners manual.
I would start looking at bad elbows and emission lines. For instance, the line running from the air filter housing to manifold, if it is leaking and someone pushes the line in to seal it, it is possible to block the air supply off completely. That happens when the end of the line mets the inside of the elbow.
Run 87 octane in it. These things weren't meant to be run on anything higher than 89, if I recall correctly. I'd have to go get my owner's manual out and re-check. If you run a higher octane gas in a vehicle than it was meant to run on, you will have a lot higher HC content in the exhaust, among other things. Hopefully, your O2 sensor or ECT isn't making it think it's cold when the engine is warmed up all the way, either.
I would also check everything that was previously mentioned. Also, what you should do on your way to an emissions test is RUN THE **** OUT OF IT and get it plenty warmed up. Usually, if you take a vehicle in that hasn't been run long and hard enough prior to the test, it will have bad results (been there, done that).
UGH!! Emissions test time. I just got my notice in the mail after not getting one for 4yrs..thought they forgot about me. The good thing is i just found out Maryland changed the Historic age to 20yrs now. So i can turn my regular tags in and get historic ones now and not have to worry about emissions anymore.
Find out what your state's rules are on historic tags?
Most states' rules are 25-years-old and older. I know both Washington State and Virginia rules are 25-years-old for historic/antique vehicle plates/registration.