The 1977 does not have points , it is electronic ignition Ford calls their 300 cubic inch straight 6 a 4.9 L and their 302 cubic inch V8 a 5.0 L to keep things from being mixed up
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I would check the point gap and timing first. If that does not correct it, I would check the carburetor float level.
1 - 3 - 7 - 2 - 6 - 5 - 4 - 8 The distributor rotor turns COUNTERCLOCKWISE The marked # 1 position on the distributor cap faces to the REAR firewall 4 - 8 3 - 7 2 - 6 1 - 5 front
1 - 5 - 3 - 6 - 2 - 4 The distributor rotor turns CLOCKWISE
1-5-4-2-6-3-7-8 Distributor rotates counterclockwise.
( 1 - 5 - 3 - 6 - 2 - 4 ) for your 4.9 liter / 300 cubic inch Ford inline six cylinder engine The distributor rotor turns CLOCKWISE The marked # 1 position on your distributor cap faces AWAY from the engine
.027 is the point gap.
At this point I would do a compression check. If you find a cylinder 15% or more lower than the rest you probaby have a valve problem in that cylinder.
YES , both the 74 and the 78 F-100 302 cubic inch firing order is : 1 - 5 - 4 - 2 - 6 - 3 - 7 - 8 The distributor rotor turns COUNTERCLOCKWISE The marked # 1 position on the distributor cap faces towards the REAR
Breaker Gap, Inch: .015
1-5-4-2-6-3-7-8 Rotor turns counterclockwise.