Curt, those problems you mentioned are hard to diagnose from the desk. They're mostly a culmination of various problems. Here a few incomplete thoughts.
1. Check your carb's float level. You'll have to look for the orig. manufacturer's specifications. Adjustments can be made by simply bending the float at the hinge. If that don't help you might take your way through a rebuild. Just take it apart, clean it and see what's up inside. Not a big deal and a good exercise anyway.
I use a phenolic spacer that I purchased from summit. It really helps keeping the carb cool.
2. Are you using an automatic choke? Which style? Is it the old style w. the asbestos pipe running from the exh. manifold to the choke device or is it cabled to 12 V?
The old style definately requires the pipe. Actually two pipes. One draws hot air from the ex. manifold while the other one draws filtered air from the air filter base to the exh. manifold (positive circulation). Proper adjustment of the choke is important and is perfectly described in FORD shop manuals just in case you run an original fire cracker.
The new style,...I don't know man,..just dump it and get a manual choke conversion kit, just my preference.
3. Make sure to run the right octane rating gas and the right spark plugs. Check the alternator voltage and most important of all. Spy out for air leaks at the motor and especially at the brake booster. To check for air leaks at the brake booster find a quite place, idle the engine in park and listen to possible air escaping sounds while you floor the brake.
4. 19-20 miles / gallon is good for that motor, 17 or less is probably normal for an old gal.
5. The shafts are pretty lose in stock form and the marks on them are mostly grave. But they do run and run and run and run no problem. I personally would take the whole engine into consideration. I wouldn't spend my $$ on parts that wouldn't really help on an engine that's in an overall poor condition. I'd either run it to death or do a rebuild from scratch. However you should inspect and decide on what you see. Those shafts are most likely severly restricted from accumulated grime. If you can find the proper diameter shaft plugs then you could give them a brush at least. That's probably the best bringer for the money. I don't think it's a good idea to crawl under the oil pan and get smeared. Your rods are probably not perfect to say it diplomatically. You're not going to bring back the engine's performance with a cognition like that and I can asure you, that the rods are not the reason for your engine's problems.
Good luck and stick around
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