Re: engine surging
I just replaced mine. I bought it at O'Reilley's but mine is a lot newer than yours. I looked up the part in the old Ford parts book and then searched for an newer engine that had the same part. Mine had 2 screws and a C-clip to take loose + the vacuum line. Yours I think is similar except you have a clip that holds your rod in. Of course you will have to redo the timing after your finished.
BTW, I had very similar symptoms as you, sooty exhaust, seemed like it was searching at cruising speeds, but mine loaded up and backfired and blew my muffler out before I figured out what it was, so I would replace it asap. I also had a bare spot in my coil lead from the points to the coil.
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