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Marc,
Sounds like you got a pretty good car for $500.
I would take a look at a few things to hone in on the problem.
Ignition system - Make sure you are getting good spark throughout the RPM range, could be cutting out (Distributor, Brain Box, plug wires, etc.)
Fuel system - Same thing, get the RPM's up, and see if your fuel pump is keeping up. Some Fiesta guys will actually mount the carb sideways to fix the fuel starvation [problem, which is a problem on Fiesta's. I am using the same carb you are, but strange enough, no starvation issues so far.
Adjust the valves - This is very simple. Get a haynes manual and follow the directions. I cannot remember the exact tollerances, so check the book.
I would look into the valves & Ignition system first. If you are loosing power on the high end, sounds like you may be gettign some valve float or something.
Give it a try and let me know how it turns out.
I am always willing to help out another Fiesta guy, so ask questions!!!!!!
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JJ
#62 ITC
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