The way I diagnose a power valve on a Holley, is to pull it out and stick it in a power-valve tester. Shazzam!.
Okay, so you dont have a tester?
Option A) Pull the carb off, dump it upside down and drain the gas out. After that stand it up on the bench,primary bowl up. Remove the bowl and the Mblock. Check for liquid fuel in the vacuum cavity where the PV diaphragm resides.If its dry, the diaphragm is good.
Option B) Remove the PV and sub in a PV plug.
Option C) Replace it with a known good valve.
Option D) Check for fuel dribbling out of the main nozzles at idle.This is D), because on low vacuum engines this doesnt always happen. On older carbs without the anti backfire checkvalve, fuel can pass through the diaphragm and flow down the signal passage and dump into the manifold under the throttle blades and you cant even see it.
If you have a Holley, you should have spare parts. Actually, swap out the word Holley, and sub in carb. Sooner or later you are gonna need tuning parts, on any carb.
I like Option B), cuz I can take the car for a drive (with a vacuum gauge installed)and see just where the PV needs to be calibrated at. When the MJ circuit quits(this will be obvious), check the vacuum reading. Then from your PV collection, select one with a close rating and verify it on your PV tester. Install it and roadtest. I like to delay the PV circuit as long as possible without getting into driveability issues. I also like to run the MJs as lean as possible. To that end I always disable the secondaries, and fine tune the primary side first. And every Holley I ever worked on has a fat low-speed circuit.Which is OK, mostly. But if you are gonna hiway cruise it for lotsa miles, it sucks a lot of gas. So I usually lean it out quite a bit, and then fatten up the MJ a hair.The plugs will last for, lets see now; I think my S has well over 100,000 miles on its original Champions. Thats 15 years now
If its not clear, this is how I do it;Get timing right, Dis-able secondaries,Install PV plug,Install too-small MJs,roadtest. Sneak up on correct MJ size. Install the ballparked PV and roadtest.Install a later opening PV and roadtest. When you encounter issues, back up one PV size and begin reducing MJ, until issues reappear. Increase MJ to last good roadtest. Move to pumpshot. Get that dialed in. Enable secondaries and dial that in. Revisit timings. Tune Vacuum advance. Revisit primary MJs.
Lots of times with a well-tuned Vcan, the primaries can be run quite a bit leaner, than with no can. This really sharpens up the part-throttle response.
Expect to spend a lot of time on this. A lot.
Unless you have an A/F gauge or two. I dont recommend the Edlebrock dancing light one.