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You say you have a duraspark ignition, and an MSD. I see the MSD in the photo, run it without a chip in the rev limiter. With the cam you stated, you will not need to drill your throttle blades, that is required only with big duration cams that do not develop vacuum very well. If the difference between running and not running is determined by the rev limiter chip, what makes you think there is a carb problem? I would think it is ignition. You don't need vacuum advance for a cobra, I would disconnect the hose and plug the ports..
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In a fit of 16 year old genius, I looked down through the carb while cranking it to see if fuel was flowing, and it was. Flowing straight up in a vapor cloud, around my head, on fire.
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