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I had this same problem wit my m37. My friend had a 230 in a 53 dodge car with the same problem as well. It was ignition related on both. I put on new plug wires to fix my m37 and he converted to electronic ignition on his 53 car.
I am having the same problems my my m37. Sitting 10 years, rebuilt carb, flooding out of the pcv port. Here is my thread on g741.org
http://www.g741.org/PHPBB/viewtopic.php?f=3&t=7853