I'd bet that you've got the distributor stabbed one tooth off. If the ignition timing is real retarded (say 4^BTC or less), the fuel will be burning in the exhaust ports and header tubes. You'll see the headers start to glow when this is the case. It also would explain why you've got to stay in the gas to keep it running. Double-check your timing.
------------------
Jeff Chambers
Trophy Stock #3
11.462 Seconds / 117.43 MPH
Chambers Racing Team