First, recheck the ignition timing. Running above idle speed and stalling at idle is a telltale sign of late ignition timing. I like to "static time"- - - -roll the engine over by pulling on the fan blades until the needle and ball aligns, or put the transmission in high gear and gently roll the truck forward until the timing marks align. Loosen the clamp below the distributor housing, turn the housing clockwise until the pointss close, then back up CCW until they just barely open. Also look for any possible vacuum leaks once the engine is running. I use an unlit acetylene torch or a Propane torch to flow a little gas along all the gasket areas- - - -manifold to head, carburetor base, etc. Finding a leak will make the engine speed up or smooth out as it draws the gas in. A cold engine will need full choke to start- - - -pull the choke knob all the way out, crank until the engine fires, then push it in about halfway during warmup.
Water from the tailpipe- - - -a little is normal- - - -a lot isn't. Good luck!
Jerry
