Holley guru's- need advice

Not trying to sound like a "smart a**", but with all your questions regarding the basic workings of a carb and the fact you have a carb of unknown modifications,I believe you'd be way ahead of the game picking up a "box stock" carb and starting there.
By the time you know how some of these modifications will effect your engine it may be to late.Just my thoughts on it.

I understand what you're saying and will probably end up going with a stock holley, but for now, what the harm in throwing a $50 kit on it and trying it out? If it works, great, if not, I'm out $50 and will have learned a lot.

So far, from what they Holley tech has told me, the carb looks to be in great shape. I don't believe much has been modified, with the exception of the 4-corner idle, the squirter size, and the butterfly valves.