Huh. I get 19 MPG with my rebuild F155, "nonUSA" distributor, and careful driving. Don't know why you'd need all that. 

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dirving distances with a constant speed with maybe 10% city 90% highway I get 18MPG on a non-USA 2F.
otherwise it's around 14-15 to the mall and back.
Total BS.... You can't change the laws of thermodynamics...
Extracted from one of hundreds of web sites explaining why this cannot work:
Here’s the deal, people: There ain’t no such thing as a free lunch.
There is energy in water. Chemically, it’s locked up in the atomic bonds between the hydrogen and oxygen atoms. When the hydrogen and oxygen combine, whether it’s in a fuel cell, internal combustion engine running on hydrogen, or a jury-rigged pickup truck with an electrolysis cell in the bed, there’s energy left over in the form of heat or electrons. That’s converted to mechanical energy by the pistons and crankshaft or electrical motors to move the vehicle.
Problem: It takes exactly the same amount of energy to pry those hydrogen and oxygen atoms apart inside the electrolysis cell as you get back when they recombine inside the fuel cell. The laws of thermodynamics haven’t changed, in spite of any hype you read on some blog or news aggregator. Subtract the losses to heat in the engine and alternator and electrolysis cell, and you’re losing energy, not gaining it—period.
Edit: Forgot to add that sites that sell these things also tell you to do this: Tune up the vehicle, drive with a light foot, and slightly over inflate your tires. Guess what? All those things are where you get the MPG increase...
So you are saying a magnetic field is not energy?
Back to basic physics for you Pin_Head.
Another aspect of hydrogen is the accelerated wear caused on the engine itself. Hydrogen is a very light gas, it seeps in to the pores in metal and weakens it. You would have to use racing valves made of stainless steel or better and many other upgrades to prevent damage from the gas itself.
Well, you went from a 4-bbl 600cfm carb to a 2-bbl 450cfm carb. For 305CI with 100% VE that's going from about 6850 max rpms to 4550 max rpms, so unless you're really getting on it you at least aren't choking the engine so I wouldn't expect to see a performance loss. Did you try different jets in the Edelbrock and spring-loaded ones for the off-camber? I currently have a 625cfm carb (carter 9625) for my 283CI which I think is way overkill and I'm lucky to get 8mpg. Plus I think it leaks and is flooding the engine on startup. I'm thinking of swapping it out to something more in your cmf range, probably 500cfm to allow for more realistic VE (e.g. 90%). Not sure you're success really has anything to do with Edelbrock vs. Motorcraft, but more due to right-sizing of the carb to the application.
Physics is riddled with "laws" that make free energy "impossible" and this suits the power mongers so its enforced.