Hey guys, I want start out by saying, thanks for all of the great tips..
I replaced the distributor rotor and cap myself..The carbon track was alot worse up close. It was a dark line bridging two of the terminals. Plus my terminals had some buildup on them....It was an easy fix swapping those parts. The new blaster coil was an excellent upgrade too. I left that wire on the advance for now since things have been fine...
I had the Carb rebuilt and cleaned.
The Carb shop said my Power Valve had failed...( like you guys had suggested ) The jets were dirty and I had them replace all of the gaskets and accelerator pumps. The accelerator neoprene was bad and leaking a bit of fuel.. New accelerator cover, lever and springs..
They saved some of the old parts to show how bad they were..
I bought the car used so I had no idea the carb was so neglected. The shop said it had most likely sat a long period of time without gas prior to me owning it. The gaskets were hardened, the Power valve gasket was shriveled. The jets needed cleaning and they blew out all of the air bleeds and jets.....Well all is good now...Until the next repair.
The cobra is back and running strong once again. It was very educational to say the least..
Thanks for all your help,
Lee