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Is the distributor advance running ported vacuum instead of full? That would be my first guess. Next would be a weak accelerator pump shot. Your Stealth should be fine. If you need a cap try a Standard Ignition Blue Streak cap. It has a better center conductor than most. Metal rod & spring instead of the weak graphite dot. But I doubt it would solve your bog. Once you get the problem figured out, a MSD ignition would make a nice improvement too. I did a similar setup on my 85. 351w with 1970 Windsor heads, TRW pistons (ended up about 9.1:1), Edelbrock performer intake & 204/214, 448/472 cam with Comp Cams roller steel rockers w/rails. Also upgraded to the '91 radiator and shroud for better cooling. With full 2 1/2" dual exhaust it ran well to about 4800 rpm while keeping plenty of bottom end.
Yes-the vac advance is hooked up right, one of the first things I checked. We're gonna do a stage one step up on the carb (parts should be in today), then I'd like to start on the ignition upgrades.
No reason to upgrade iginition you will not notice the difference anyways, unless there is something wrong with you stock ignition and then I would say fix it.
I would recommend a compression check to see what you have. I would say you lost bottom end because the manifold runners are bigger therefore less velocity at low rpm. When it bogs does it backfire or does it pick itself back up if you keep it floored?