Well, that didn't go so well, now did it?
I took Tom for a test drive yesterday and he felt the lack of power I have been complaining about. Then he drove it and it had one good burst of power where the back wheels broke loose, but agreed again that it just wasn't revving like it should have. We parked the car, checked the carb, and restarted it and it wouldn't stay running, and didn't quite sound normal. We got it back to Tom's house in limp mode, feathering the gas pedal at each stop sign so we didn't stall out.
The engine is broken.
I don't have my data with me, but Tom and I did a compression test and all cylinders checked out between 135-145 psi. We did a leakdown test and determined that I either had a lot of leakage, or the tester was broken. We tested each cylinder 2-3 times and got a high of 75% leakage and a low of around 55% leakage.
No signs of bent pushrods or a wiped cam lobe. We re-adjusted the valves, cleaned the spark plugs, checked for the secondaries operating, readjusted the idle mixture screws on the Edelbrock 650, etc. and got it idling well and sounding good in the driveway.
We took it out for another test ride and it was making a horrible noise inside the engine, and I could feel a nasty vibration in the pedals. The engine didn't want to rev past 2500rpm, so we limped back to Tom's place and waited 2 1/2 hours to have it trailered home. We're leaning towards a spun rod bearing? The oil pressure has always been on the low side since I got it. All the work on the top end and the troubleshooting haven't helped. Maybe it's been the bottom end all along?