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Mechanic said it has a vacuum leak and don't drive it because it's lean and will burn a cylinder but you drive it around anyway? Then do high speed runs and burnouts? When you build a motor sometimes a gasket will pinch or the intake is warped and that stuff happens, not the guy you bought it froms fault, more of a buyer beware item. Old cars need work, even really nice ones. Pull the intake, put a new gasket on it, seal the leak, then burnout time. My 66 389 had the wrong base plate gasket on it and it had a huge vacuum leak.
455 w/64 heads might have 10.5:1 compression, you will need a racing fuel mixed with 93 octane to make it not ping or take a bunch of timing out. Also, does it have hardened seats installed or do you have to run instead of lead? Guy I bought my 66 from said he still puts moth balls in his 69 428 Grand Prix to control ping and raise compression, he was pumping race fuel into it and a tunnel rammed big block pulled up and asked if he had forgot everything from the day and reminded him about moth balls. I may use them in mine, never did it before.
Hot starts slow cranking- that's timing and starter heat soak, also directly related to the high compression. Get the best starter you can for the car. For my 468 BBC I bought a gear reduction starter and it never hard cranked again, but did it as soon as it was warm with the new stock starter.
Have fun with your new PROJECT, these cars are never done, always need something.
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