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Where did you find an oil bath? I would swap it for a regular paper element that is what these trucks cam with stock, it might be creating some vacuum above the carb instead of just in the intake and messing with the mixture. Does it give you problems at idle or while driving. Is it worse under acceleration?
-Johnboy
Any auto parts store should have the universal style, if you want an original I would check the junk yards. Can you get it to run with the filter off? With a paper filter it should run about the same with or with out the filter installed.
-Johnboy
With an oil bath setup and going to a stock air cleaner it might make the engine go to lean situation. Figured I throw this suggestion in. An oil element system is restictive but does a good job of cleaning the air before entering engine. Not sure of what set up your carb is set at so just speculating on this one. Also when you mentioned it almost died when pulling air cleaner means you air bleeds might need some cleaning in carb, possible oil residue within carb. Might be just a quick carb cleaner repair also. The small holes inside venturie pointing straight up at you might need to be hit with some carb cleaner. Catch you later and keep up informed. If these small holes are restricted it could cause it to run lean at low idle?
Update: I ran the truck in the yard for an hour with the air cleaner off and still no change in exhaust smell I even adjusted on the air fuel screws according to some old threads and my neighbor who is stumped on the situation also and no luck there either. My next thing is the alcohol in the tank to up the octane or move the exhaust out the side in front of the rear wheel.
The aiur cleaner thing could also be a vacuum leak, also a stock or restrictive air cleaner would give you a richer condition as air is restricted not lean....