Nantucket:
I don't mean to step on your thread, but I have an update on the items I mentioned. Just tell me to get the hell out if you want.
BTW: I have a Haynes book on the Holley's and a book by Mike Urich titled "Holley Carburetor Handbook 4150 & 4160, Selection, Tuning and Repair" It was only about 12 bucks on Amazon. I prefer the Urich book - it does a good job at explaining the functions of each circuit. I don't know if that's the one John was describing, but I'd recommend it anyway.
My update: you guys are da bomb! Right on for the secondaries! I took the carb off and found the throttle plates were open about 1/16". Duh. Oh, and during the removal, I found that one mounting ear was busted off. This carb was an ebay item, and the deadbeat that sold it to me packaged it in what amounted to a plastic bag. This mounting foot was damaged in shipment and must have had a hairline crack that I didn't see when I put it on. So I'm off to buy a better mousetrap. I think I'll try a Demon carb - you guys seem to love them and they seem to come highly regarded elsewhere. I don't even want to mess with this Holley anymore - I can't get the secondaries to close and who knows what else got damaged. Plus, from what I've read, I'll be able to use it as a parts carb for the Demon (jets, PV).
My thoughts on the rebuild: I would guess that the parts that truly "wear" (floats leak, needles wear, gaskets harden, etc) are in the rebuild kit. I wouldn't expect the other mechanical items to really wear. Plus, you can get just about any part for the darn things... Hey! I've got a parts carb...