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It could be the valve, but one of a few problems with Holleys is that the fuel bowls are hanging out there on the ends and use gaskets to seal them up to the metering blocks. Some guys say they have to replace the blasted things yearly or they leak, especially since the addition of alcohol to the fuel. It sounds like its time to change the gaskets Sam. First I would replace the gaskets, but Instead of cranking for a long time it would be better to use one of those oil squirt cans filled with gasoline and pump it down the bowl vents till working the throttle gets the boosters to squirt. The wiring to the solenoid is actually under size and if you crank it for a long time it has been known to smoke the wire, according to Midlife, who is our premier harness fixer-upper.

I have FiTech on my 351W based 393 stroker. Only issue I had was to make sure I always had 12v to the EFI electronics. I have a trunk mounted battery and even with large cables had some voltage drop while cranking issues. I added a buck-boost controller and that solved the problem. I am running a Edelbrock Performer RPM intake with a Shaker hood. IMG_7174.MOV

The higher candlepower lamp may be hotter in actual temperature than the 194 bulb, and may cause your blue diffuser to melt...just a thought. You might want to consider LED bulbs as a replacement for anything but the alternator indicator lamp, which requires an incandescent bulb to work the voltage regulator.

First order of business, happy early birthday. My advice is based on you saying you don't have the time or space to work on your Mustang, and my own experiences. Rusty Gillis does outstanding work on Mustangs, and is located in Port Richie FL. http://www.gillisrestorations.com/ Summit sells a Holley knockoff that people rave about, I've not used it but would if I need another carb. Forum member @Midlife is the go to guy for wiring harness issues. http://midlifeharness.com/ Nothing wrong with Ford steering if it's in good shape. Dan at Chockostang.com is the go to guy for steering issues. I believe the doing the Shelby/Arning upper control arm one inch drop, and proper alignment to be pretty much mandatory for a good handling Mustang. Day Scovil at Daze Cars is a great guy, with many how to tech articles. https://dazecars.com/dazed/drop.html When you change from factory parts to aftermarket, it's not plug and play. One change will require several other mods for the first to work. I'm president of that club, and discourage new members. A points based ignition like our cars came with need replaced every 10-15,000 miles. Many people change to Duraspark or Petronix and are happy with it. I think your buddy's valuation is pretty close. Good luck with your build.