Why Does This S**T Happen To ME!!!!!

Yes it was an open paper filter, and it back fired causing flames to come out of the carburetor. I do feel fortunate the damage under the hood is minimal and the car as well my garage didn't burn down, but I've been restoring this car for over a year now and it was almost done!:sad7:.
it happens, as you said, atleast the underhood damage was minimal. A member one here had their whole top of their motor burn up real fast because of a fuel leak. My old college teacher had a '68 340 'Cuda notch that he burned up the motor in a quarter mile because he overdrove the pulley on his alternator when he did his serpentine belt setup he home brewed, he was pretty upset and even sold the car because he couldn't look at his mistake. He owned the car 20~ years previous to doing that to it.

So look on the bright side, atleast it's not a bad fix and now you know you need to get the timing closer.