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OJ,
That is a pretty car. I have always liked that style. I've never had a 164, so I didn't take the time to read all of the responses in detail, but I did scan them.
From my scanning, I'll say I side with those who said to first sort out what you have before you start to modify or strip.
I will also side with those who said keep a cat on it. In my opinion, exhaust restriction can cost power, but the chemical reacation in a cat does not. So, if you have restriction, just go with a free flowing cat. Along the same lines, I doubt that an air pump takes much power to operate, and your cat may need the extra O2 to operate properly. After all, how often do you drive with your foot flat on the floor demading the last 1 or 2 % of the available power.
As for bumping the compresson ratio, that one is a bit harder to assess. If I understand it correctly, higher compression means more power, more fuel efficiency, and highe NOx emissions. So, that one is a toss up.
Someone mentioned that your bumpers may be very heavy on that model. I have bumpers from a 71 or 72 140 series. I don't know if they are the same or not. I have not seen them for years, but they have been kept inside. If they would do you any good, you can have them. The same applies to anyone else for that matter. They are free provided I don't have to mess with shipping, and provided someone wants to use them as bumpers. That is, if they were going to be sold for scrap, I could do that myself. I don't have a digital camera, but if someone is interested, I could go look at them again and see how they look. I removed them from the 140 in about 1988. They could be picked up at Bowman Field (the general aviation airport) in Louisville, KY.
Good luck with the 164.
Charley
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