I am not to familiar with the old ford V8s as of yet, so don't quote me on this. From a mechanical view I would say it could be your distributor, either the vacuum advance and or the mechanical advance.
The vacuum advance could be a vacuum leak, ripped diaphragm or or seized actuator. The mechanical advance could be the weights and/or springs are seized/broken/missing. No advance means the engine timing is set for idle RPM thus not letting you gain the speed or power through the different RPM range
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Neil Yeo
1940 11 Cab F8
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