Not Ranked
Once it reaches the 1500/2000 RPMs, AFR is at 12+/13+ and vacuum +/-10, engine sounds very smooth.
Sounds like your power valve (if you have one) is coming in at 1500 which is dropping the AFR and you stated motor sounds good. If you have 7.0 vacuum then the power valve needs to be a 2.5 or 3.0 max. If it doesn't sound good at idle maybe it is too lean and the spiking might be an intake, carb vacuum leak or ignition related as others have mentioned. I'm running a 496FE with big solid roller and my vacuum is only 7.5-8.0.
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Gary
CAV GT40
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