I'm assuming the block hasn't been decked to zero and the heads haven't been shaved cause that would bring the compression up more than 9.1. the reason I say that is by doing the a fore mentioned can cause misalignment of the intake to the heads causing a vacuum leak. It does sound like a vacuum leak to me. My 318 was doing the same thing... decked and shaved...it was a vacuum leak. Squirt liberally some carb cleaner around the intake bolt flanges and around the carb base and listen for a stumble or rpm drop. I did that and it actually stalled the engine out. after I machined the intake flanges and set up the Holly T port sync it straightened right out. timing is 18* initial and 40 all in at 3500. I also got the lowest actuating adjustable vacuum canister I could find and set it to give me 24* at idle to help stop stalling at in gear idle. I use a pertronix distributor and used their limiting bars to set the all in mechanical advance. At freeway speeds it pulls in about 48* total timing.
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