Tilley

Okay, I think I've identified a couple of problems. This is the distributor:

This is NOT a Load-O-Matic

This is a Load-O-Matic:


This is the carb that should be on there:


This is the carb that is on there:



The next problem I saw when I put of meter on the battery was that it read anywhere from 11.60 to 11.82 volts while the car was running. Shouldn't it be around 14 volts?

1slow67

Alternator might not be charging. You have the correct carb, but I see that you are missing a rod on it.

rmodel65

apply some vacuum to the distributor and see if the insides move...

rtintwo

If you still have problems after checking the distributor advance and vacuum as the others have suggested then take a look at your timing gears for wear and slop. My 79 bronco had a very similar problem to what you are describing. Cold timing would hold steady at 8*, warm it would bounce from 20* to well above 30*. I found that half the cam gear teeth were broken off and letting the cam slop all over the place. But check everything that the others have suggested before taking your timing cover off.