Just shots in the dark here.........Did you call Stovebolt Eng. for his thoughts?
What rubber ring are we talking about here. The gasket to carb flange under the 2 bbl? Get a new one, glue up the old one if you can't get a new one. Try hooking up a small gas can as a different source of fuel and see if it runs any differently. That should rule out the fuel tank and lines. Maybe go back to the mechanical fuel pump temporarily and rule out the electric ones. Did you screw with the distributor in your upgrade procedures? Make sure it's timed right and that it is tightened down at the base.
You didn't mention fuel filters. Check that and check the screen to the carb as well. You might have crud in there. If it sounds like a fuel problem, it probably is!
PS (Of course you have new points and a QUALITY condenser in there, right?)
Last edited by k10; 07/20/2009 9:27 PM.