William---Let's do the easy things first, here. We know that running
with the ignition timing set at 4 deg. at idle will make the engine run
hot when idling. However, there should be a temperature compensator in
the radiator hose that interrupts the vacuum to the distributor retard
line. This should kick in and advance the timing, which also raises the
idle speed to about 1300 rpm. If your car is not equipped with this
feature, it is better to set the idle timing to 12 deg. B-TDC.
It does sound like you also have a lean mix. Possibly the carb you
suspect as having a "stuck" float needle valve is the culprit.
It's been too long ago since all of my vacuum lines were connected, but
I do recall if the engine were to slow down too far, the (red) ignition
light would glow. This, coupled with low oil pressure might send a
signal to the anti-run-on valve to apply vacuum to the carbs, and finish
shutting down the engine.
I'd retest the car after checking the routing of the emission control
vacuum lines for your '74 and resetting the ign. timing, if necessary.
Process of elimination.
It doesn't sound as if the Pertronics is involved.
Dick
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