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Man these engines are cramped.. spent a good 4 hours working on it today.. found that the sparkplugs are in great condition so kept them, but I installed new magnecor wires, OEM air filter (replaced the K&N), new distributor cap and rotor, and replaced the stock coil with a MSD Blaster Coil 8222.
First of all, the car starts up much faster and idles much better. Much better low end torque and revs nicely through the RPM. Idles a bit high, need to adjust that, but overall feels like a new car. I am very happy. Next step is installing the MSD ignition once I am back from my trip.
Not the prettiest engine in the world! but those ugly hoses will be replaced with aircraft spruce piping which is on its way.