John--More than likely the bi-pass valve(s) are letting air come thru, allowing
the engine to pull fuel with it, as Vance suggested. If you can't get the idle
down thru adjustment, then replacement of these valves may be necessary.
Mark's idea of sticking weights is also a possible solution. When the engine is
idling at high rpms, shut it off. Remove the distributor cap and see if you can
turn the rotor clockwise, maybe 15 degrees or so. This could indicate a
sticking points plate. Try squirting some WD-40 down thru an opening. If this
helps, even temporarly, you'll want to remove the points plate to get a better
look at things.
On the rich A/F reading on your monitor, see if you can get the green LEDs off
by turning the needles up another one to 1.5 turns. On the same note, does any
of this change with the high idle speeds you are also encountering? You SHOULD
be able to get a decent idle without the richness you are seeing. Somewhere
around 14:1.
Dick
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