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The High speed jet is much smaller in the 240 carb.
I had an awful experience with that. The 240 Carb will work on a 300. You have to use the 300 jet.
This information is true, from experience, on a 78 F-150 4X4.
There are other Carb's and parts that will work as well. I used parts of a Mail Jeep Carb on one of my 300's.
I lost a bearing in a '66 F100 240 cid, 3sp 2wd and we picked up a '77 300 cid from the wrecking yard with 30,000 miles. Used the intake and exhaust off the 240 which had a 1 barrel carb. Didn't replace any jets, just a quick tweak on the card settings and it ran great. Pulled loaded grain wagons no problem. Got me 20mpg on the highway. Had more power than any fuel injected 300 I have had since.