Any thoughts on a next course of action. I can feel this is getting expensive soon. Did anyone notice the light color connection on top of my ignitiono box. I still have no idea where it goes or what it's for.
I noticed that, but unless you removed something you wouldn't have a spare connector sitting open like that...it's probably for testing the circuit, but I really have no idea what it could be...mine has about three open connectors that I've never had connected and they are all to do with either testing the system or for parts that were options (like one that sits on the coil)...
I'd move forward if you cannot find a mate for it that was recently disconnected...
The next step would be to swap out the carb/intake if you can find the parts cheap enough...sometimes you get lucky and find a complete unit like I did (carb and intake from a 78 Mustang II in mint condition) and you can have it up and running in no time...you will need a gasket for the intake and some sealant for the water jacket opening on the intake...
I realize it's not your truck and can understand your reluctance to invest your money into it...but going with the 86 EFI intake and a Holly 350 would be the best bet at this point...unless you can scavenge a complete carb/intake from a local wreckers you may have to put the money in yourself and have your roommate promise to pay you back...or give you the truck for the work you've done...
However, having said that since it appears you've tried everything...the thing that has me really puzzled is you say it
"almost runs" but doesn't stay running...like it's firing but won't catch on...that may not be a carb issue at all because I've had my truck doing that a few times...
it was the timing...I had the pistons set on the wrong phase of the timing...
When you set the timing, are you removing the first plug and putting your thumb over the hole while cranking the engine by hand?
You should feel a pressure on your thumb when the pistons are coming up, and then crank it till it is at the top of the chamber...if NOT...remove the belt and realign the cam and aux sprocket and try it again...