check your pcv valve connections and hoses. i had the same problem in my 66. i added the o2 sensor and gauge..same one you have. anyway turned out the hose was leaking next to the carb and under steady vaccume it would leak and cause a lean condition. identical to what problems you had. take it completely apart and check for vaccume leaks and any bad clamps letting air in.
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66 mustang-292-Holley 4160-World Castings Windsor Sr.-Hooker super comp headers-MSD box & Coil.3.55 gears. B&M Z-Gate-Black leather racing seats with 4pt harnes.
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