yeah my 1bbl on my 65 200 does not close all the way. That is just fine and should not be related to your problem.
Have you tried pulling the spark plugs after driving it or checking the old ones? I think that would be a good start. There are plenty of guides to reading the plug condition, such as this one:
http://www.atlanticjetsports.com/_techtalk/00000005.htm
Next get an ohmmeter and test the resistance in the spark plugs. The ones I have seem to be around 800-1200 ohms, which is about normal.
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1965 Wimbledon White Mustang Inline-6 200
1994 Canary Yellow Mustang GT 5.0
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