I need to put a few miles on this engine before I move on to adding the turbo. However, to date, I've put maybe three or four miles on it driving up and down my street (if illegal aliens are undocumented workers, then I have an undocumented truck). Still have the break-in oil in it, even. I need it running much better before I slap insurance on it and truck on down to dmv to get the plates. Here's my progress so far. Overall, I am unhappy with how it runs, mostly how it idles. Not real smooth. I've seen these four-bangers sit there and idle like a sewing machine. Not mine. I even had it balanced.
1) carb had real sloppy shafts. Rebushed. The Holley 1940 is a real simple carb, and I have it set up by the numbers, so there's not much else that can be done with it. Installed a 1/4" insulator gasket between it and the manifold. I can't detect any vacuum leaks around the intake manifold or any of the hoses. In rebushing, recentered butterfly so when closed has slight, but even, light coming through all around.
2) looking for the best timing at idle. Have run from 8 to 20 degrees. Right now 12 is looking best, but still not satisfied. Engine responds to the carb's idle screw. Right now somewhere around 2 turns out - more than that, slows down. Less than about 1 1/2, idle drops, so things are working like they should.
3) discovered (!) the other day that the power brake booster was leaking badly, and I think the internal leakage was erratic. Sometimes would idle better than at other times for no apparent reason, so that was throwing me off. Clamped it off - idle suddenly dropped big time. Now beginning the tuning all over again. Now using 12 degrees at idle, which helps. Best idle, still not super smooth, is around 800 rpm. Can get it to idle down to 550 rpm, but that's waaay to slow. I'd love it around 650 and smooth.
4) am going to reload the timing table and use bill's 4-cyl map, (sum avg), and go from there.
5) am thinking today of warming it up and doing a compression test just to see what's going on at this point. Lifters sound quiet, but you know, all IH engines I've ever owned have funny little sounds. This one sounds no different than the non-ic 196 I rebuilt 30 years ago. Odd little tics and such but nothing I'd call valvetrain noise out of the ordinary.
6) best vacuum is 48 kpa (close to 16" hg) @ 18 degrees initial, idling around 800-850 rpm. As this little four needs to pull power steering, a higher idle is desirable.
Edit: warmed it up and drove it a bit. Did a compression test:
#1 - 148 lbs., #2 - 148, #3 - 151, #4 - 151. All hit at least 100 lbs. By the second revolution. Final numbers by the fifth revolution. All plugs light brown color, but one had a gap of around 0.020" (how does that happen), rest around 0.030", reset all to 0.035". Programmed idle for 18 degrees, which has improved things.