I am with Punch on the carb, my experience with those Edelbrock carbs is they never perform like one would expect - just an all around turd in my book. But first off get your timing resolved and check for vacuum leaks before you do anything else then tackle the header leak issue and you may be surprised - Another consideration is how are the valve adjusted - takes just a few tight ones and it can kill the performance.
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1994 Formula
535ci NA CV-1 - single 1050 with c14 - 940hp@7000/825tq@5200
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