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With a flatblade screwdriver, screw in the 2 rich/lean adjustments all the way in, if it doesnt start stumbling it needs to be rebuilt, if it starts stumbling, rotate the adjustments back out 1 1/2 turns until it "sounds" better. Also increase your sparks energy by adding a "hotter" coil or MSD 6al. and distributor. Did this help? Mail me if you need.

GT is right. By the time you get done, you would have spend MORE $$s and Time than it's worth. And you'll never be able to sell it, too much of problem for maintenance. Take all the effort and put into a stroked 302. INCREASE the value of your Mustang, not decrease it. If the engine is such a good deal, have your friend sell it to a Rodder -- they love 350's. Or you buy it and resell/swap with a Rodder. Just don't put it in the Mustang, you'll regret it forever but would make an interesting lesson to tell your grandkids.