Ok so the the problem was present before you tried to install the electronic ignition to see if the problem stopped and it just got worse and is continuing to get worse.
a blown power valve will actually not effect idle, this is because when the butterflies are closed they draw fuel and air from the transition slots it is a separate circuit.
coming off idle a blown power valve will present itself as a bog and go, with lots of black smoke out the tailpipes, and bad fuel economy.
A vacuum leak is first on the list of things to check. the first place to look is the brake booster.
to test the brake booster you can use a hand vacuum pump normally used to bleed brakes. hook up the hand vacuum pump to the hose going to the check valve on the brake booster, the hand pump will have a vacuum gauge on it. Pump the air out to about 15" HG and let it sit for a few minutes. come back and confirm the vacuum is holding. when that test is done. Remove the check valve from the brake booster with the hose and blow into it, then suck air through the hose and repeat a few times with your palm holding against the check valve you should hear the check valve open and close and only allow air movement in one direction.
if you can blow air and suck air through the check valve it is blown get another one.
Now if you had a A/C system the next thing to check is the vacuum canister mounted on the passenger side apron. the vacuum canister also has a check valve in it just like the break booster and it must be tested as well. we can skip that on your car if you really do not have A/C or a vacuum canister installed in the car.
Next check your transmission modulator if you have a automatic transmission, usually the lower hose rots out and causes a big leak. you can check the modulator with the same hand vacuum pump you used for the brake booster.
Moving on, you need to check the Vacuum advance on the distributor make sure it is not blown. this depends on if you are using Ported manifold vacuum or full manifold vacuum, our mustangs use ported vacuum timing, that means at idle there is no vaccum going to the vacuum advance. coming off idle you can have a leak. Pop the distributor cap, and hook a hose on to the vaccum advance canister then use the hand vacuum pump and again pump to 15"HG watch the vacuum advance move and make sure it does not hang up on anything. let it sit for a few minutes and confirm it is not leaking.
If you have any emissions equipment on the car it should be looked at the biggest source for a vacuum leak is the PCV valve located on the valve cover it can get stuck open and cause a vacuum leak at idle. next a EGR valve can clog up and cause problems if you have a 73 that is more involved.
to check the pcv you can pop the emissions hose off it, put your finger over the hose to close the leak off and start the car. if it has the same problem then the pcv is not the source but you should clean it out anyway.
that takes care of any source of leaks from devices
next has anything on the intake manifold been changed the intake manifold can be a source of problems.
there are different ways to check for leaks around the carb or intake, you can spray carb cleaner around the intake manifold while the car is running just be careful you don't want to douse it and start a fire a quick spray around the intake base and listen for the engine rpms to rise up.
you can also Cup your hand over the Carburetor throat. choking the air off should stall the car out. if the car continues to run with the carb throat choked off then you know you have a major vacuum leak and you may hear the engine sucking the air into the engine through it.
Vacuum leaks checked the next is to suspect the carburetor or ignition.
first i would make sure all 8 cylinders are in fact firing. you can take a timing light and place it on all 8 ignition wires and check the strobe, if you find one cylinder is not strobing the same as the other 7 then you know there is a problem with the electronic ignition module. Happened to me on a petronix I the magnetic sleeve was defective and 2 cylinders stopped firing.
confirming the ignition is firing all 8 now we move to fuel.
the carb might have a clog in the idle circuit. check the accelerator pump make sure it is squirting down the carb throat correctly when the throttle is moved.
put a vacuum gauge on full manifold vacuum and see what the car is doing.
you could turn the idle air bleed screws in all the way then back out 1.5 turns if your carb is equipped with an adjustable one and see if the idle improved or not.
you can also try checking for weak spark, run a full 12 volt power tap to the electronic ignition and bypass the resistance wire and see if things improve.
if all else fails then you start thinking about pulling the carb opening it up and looking for particles in the fuel or clogs.
if you find the carb does have some kind of build up inside it or you find particles inside it, check your external fuel filter if you have one. carefully cut it open or if you have a inspectable version open it up and see how clogged up the filter it. if its full of rust and junk. Time to change out the fuel tank and sender, and think about new fuel lines, maybe a fuel pump as well.
if you clean up the carb then garbage from the fuel tank is going to clog it up again unless addressed.
otherwise rebuild the carb, clean it out inspect all fuel circuits. you may want to think about swapping a new carb on the car and see what happens. if instantly the car is cured then you know the old carb is clogged up.
Ah you can see there is no simple answer and as always the problem will be found in the very last place you look