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Could be the cold start gas jet. It squirts extra gas into the manifold while cranking a cold engine. When it doesn't work a couple of stabs at the accelerator are needed to richen the mixture and start a cold engine.
It is the 5th gadget hooked up to the fuel rail - a short hose and its mounted on the intake manifold. The wiring goes from the starter itself (powered when the starter is engaged) then to the thermoswitch which is screwed into the side of the block to the rear of the oil filter. They look rather large for the task they do - I think they screw into an adapter instead of into the water jacket? Then on to the jet itself.
You can test this on a cold day with a cold engine by pulling the jet off the manifold and seeing if it squirts when the engine is cranked. If it doesn't follow the wiring upstream to find the problem.
I know first hand that a malfunctioning cold start valve can make cold starts nearly impossible. My early production E (early '71) uses a different setup - the cold start valve is directly controlled by the computer. The computer went out once and I was unable to locate this much rarer version, so I had to use a later model brain which doesn't have the cold start functionality. A somewhat compensating factor is I found one of those old adjustable mixture boxes once modified and sold by IPD. So I turn the mixture up to +30% on a cold start. That and a couple of judicious accelerator pedal pushes usually works. Then as it warms I turn the mixture back down. Its sort of like a hi-tech electronic choke. (I can also turn the mixture to -10% on steady low throttle freeway driving for better mileage).
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