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Nope this car is all original. I *think* it is a 7 1/4 because the axle tubes narrow down where they enter the pumpkin.
There is something definitely wrong with the lean burn system on this car. The idle speeds goes up and down, sometimes almost stalls, it won't accelerate, pings like crazy, etc...
That could just be the fact that its a Holley and not a Carter...
Just kidding (partly). The problem with the lean-burn system (well, ONE of the problems) is that its pretty hard to sort out whether a problem is with the carb, controls, sensors, or computer. Given that yours is a "sometimes" thing and that part of the problem is wild pinging, it sounds like the VDC solenoid in the carb isn't working- either because its screwed up or because the computer is forgetting to tell it what to do. IIRC, default mode (no power to the VDC solenoid) is full lean, which would explain the pinging.
Yeah- simplest thing is to slap in a regular 318 distributor, HEI, and a good conventional 2-bbl carb (<cough>CarterBBD<ahem>).
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It is time to retire it, I think. Plus, I am fairly certain that the cats are clogged.
IIRC the quick test for clogged cats is to see if manifold vacuum falls off sharply when you fast-idle the engine with no load. If the exhaust is clear, the engine should be able to pull almost the same vacuum as at slow idle. If the cats are clogged, then they "throttle" the engine instead of the carb and manifold vacuum won't build at high RPM, even under no load. Of course this has to be done with the carb and ignition working right, which yours aren't.