340 Gets Terrible Gas Mileage

After I drive it a bit and come back to start it, I find I need to put pedal to floor while I crank it to start.

the carb needs adjustment. at the very least the idle mix is rich. when it's warm (and it hasn't been sitting for 30-60 mins) it should fire off as soon as you turn the key...with no need to pump the throttle.
probably need to check ignition timing and make sure the vacuum advance is working too.