Thanks, good idea on fresh gas, it's pretty low now and was planning to do full tank of 93 and got a bottle of techron fuel cleaner to "clean" the carb (not sure how much that will accomplish).
So, per the other suggestions here, I pulled a couple plugs, the #1 and #2. Was struggling to get more as I need a flex ratchet I guess to get at the plugs easier. They're Autolite 25, which seems like the correct temp rating.
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I know I should pull all of them, but these two look pretty similar. What's the diagnosis here?
I got a timing light and checked idle and it looked pretty low, like 4 degrees. So, from what I've read, it should be more like 12-16 degrees of initial timing at idle. So, that's one thing to try?
Also, I looked up the Demon carb port diagram and it looks like it's hooked up to manifold vacuum (second port from the corner), not ported. From what I've read, having higher initial advance and hooking up to ported is the better option for street drivability.
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So, I'm thinking I should swap to the ported outlet and advance the initial timing to 14 degrees or so. I've got a vacuum gauge coming so I will try to set to maximize the vacuum reading.
Also, just replace all the plugs. And get the new gas in there.
Spark Plug #1 looks like it was lightly fuel fouled (sooty black coating on insulator, but with the tan color on the end of the ground electrode it looks like it has been trying to "get cleaned up" once the excess fuel in the air fuel ratio began to get out of its overly rich condition. Plug #2 looks a lot better, but there seems to have been some degree of fuel fouling that was then cleaned up with a more appropriate aid fuel ratio.
So, there appears to be an over rich air fuel ratio, at least for a while. Then it "goes away" and the plugs try to clean themselves up with a less rich air fuel ratio. This is a situation I run into with our 750CFM Holley (not Demon), and I have resolved most of the problem, and have not bothered with the rest as I have decided to wait until anything else needs to be done first.
In our case the 750 CFM Holley that came with our 73 Mach 1 when we purchased it was a unit from before 1992. That is important because in 1992 Holley began to use a Power Valve Protection approach to help resolve blown power valves due to engine backfires or "pop backs" that would send high pressure shocks into the power valve vacuum channeling, which could and would rupture power valves. Once ruptured the leaking power valves would let the engine vacuum suck as much liquid gasoline into the intake manifold as could flor though the ruptured valve(s). Clearly, that caused a very rich condition.
For a long time it seems that Holley was just trying to explain away the ruptured power valve damage do to pop backs as not plausible. But in 1992 they began to use a spring loaded checkball in the power valve vacuum channels, designed to deal off the vacuum channel in the event of a no-suction PSI level at the entrance of the power valve check valve. The Demon carburetors were built from about 1998, before Holley bought the trade name, where the BG Demons were typically Holley built units that we modified by BG, although in some cases BG did some of their own "original" machine work. My gut tells me those Demons included the power valve protection circuitry, but I do not know that for certain. It may be worth taking the Demon off the car and popping open the front bowl and metering plate to make sure the power valve vacuum chamber is indeed dry.
That said, it does not sound like you have a failing power valve, otherwise the plugs would both be cleaning up. But, if nothing else resolves the problem you may need to pull the carb and see if the vacuum side of the primary metering plate is wet from liquid fuel on the power valve side of the metering plate. That power valve chamber should be bone dry. If it has evidence of liquid fuel the power valve is ruptured, leaking, and/or the power valve gasket is leaking.
Okay, on to what else may be going on. The electric choke may be causing an issue. When the engine is running you should be getting full battery voltage to the + terminal of the electric choke cap, and 0 volts on the negative terminal of the choke cap. The positive voltage should be coming from a switched battery power circuit, NOT from the oem electric choke circuit 4 (white with black stripe wire) that is feed from the alternator's Stator terminal. That is because the Stator outputs AC, not DC current (which is fine in itself), and is also 1/2 of the alternator's output voltage sent to the battery. That Stator circuit is what oem carburetors with electric chokes (in 1973+) used, by intentional design, with the lower Stator voltage and AC current. But aftermarket carburetors specify a 12 volt switched current.
If you are tapping into the oem Stator circuit 4, you are not getting enough voltage to open the choke as fast as you should be. There are two different circuits under the hood of 73 Mustangs you can tap into. I have attached some PDF file info on this subject, and have put a YouTube video under my YouTube Channel showing how to tap into circuit 63 for switched 12 volt power.
https://youtu.be/WDcskIPfLcE
The 2nd 12 volt switched 12 volt circuit under the hoods of 1971-1973 Mustangs is Circuit 640 (red wire with yellow hash marks). Circuit 640 is used to power the Thrittle Position Solenoid (TPS) that was many Ford Mustangs in 71-73. Even if the TPS was not used on particular Mustangs, the wiring for it did exist near the carburetor unless it was removed (like someone did to our 73 Mach 1). In the following link I show how I tapped into Circuit 640 on our 73 Mustang Convertible in order to provide 12 volts of switched power to a Pertronix Electronic Ignition system. Circuit 640 can also be used to power an electric choke on an aftermarket electric choke cap:
https://youtu.be/_qGVhoFnJ50
See the video beginning at 23:33 mm:ss to jump into the voltage source aspect of the video. Then go to 46:13 mm:ss where I begin to get into wiring the TPS circuit for use by the Pertronix system (you would use it to power the electric choke). Finally I get to the TPS and show how I spliced into Circuit 640 at the TPS at 01:01:45 hh:mm:ss into the above referenced video.
This link shows how our 73 Mach 1's Holley electric choke had been incorrectly connected to the oem circuit 4 from the alternator stator.
https://youtu.be/cTOjVPo-vCo
This video shows where to tap into one of two under hood 12 volt switched power circuits to feed the electric choke (and other items).:
https://youtu.be/WDcskIPfLcE
Here is another link showing how an oem 2 barrel carburetor works, and how to adjust it in general. Your Demon carb will have some differences, but I think there is some good info in that video that you can still apply to the Demon carb.
https://www.youtube.com/watch?v=UFdg44lI-xY
If you get all that done and still have an over-rich fuel condition I suggest you then pull the front carb bowl and metering plate to see if by chance the power valve is leaking. If that is leaking replace the power valve. If it is dry just post an update and I will provide some other places to check also. Things like the float levels in the fuel bowls, fuel pump pressure to make sure it is not excessive, and some other areas as well.
Also, to reiterate what others have said, and myself no doubt, check the ignition timing, where you are NOT applying intake manifold to the vacuum advance diaphragm. And reset the idle speed with and without the TPS engaged. The following video covers the fuel bowl float adjustment on a 2100/2150 2 barrel carburetor. The technique is different on a Holley, but this may be helpful in showing how this is typically done:
https://www.youtube.com/watch?v=U-ETjhRqUwQ (01:18:17; 02:17:42; & 02:53:20 hh:mm:ss)
I hope all that helps you out. If not just post a followup in this thread and I will chime back in, again.