Finally running!!!
I hope that some of the terrific people that offered advice, direction and luck to us, have a chance to read this update, we couldn't have done it without all of the help! We finally saved enough to buy the Holley carb, complete the duraspark swap and actually did our own paint job that doesn't look too bad.
The old ranger sounds great, looks pretty good and runs fantastic now. After 7 months, a lot of research, mistakes and questions, I believe we have it dialed in now. I have no idea about what the duraspark will do to the mpg and honestly, I'm not overly concerned about that. I just feel so much better thinking that my 16 year old son will be able to hit the gas and not have the truck stall putting him in a dangerous situation. Like I mentioned before, he was in that terrible accident last year that killed his friend and I just wanted this to be safe.
I really appreciate everyone's help and input on this site and hope I can contribute back for others as I learn more. There aren't many sites I have found where people are so willing to help and share their expertise and it gives me hope with all the other craziness out there these days. Bless you all and safe travels!