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"...Turning it down produced a barely perceptible hiccup off the line...."
It may be a dirty or worn throttle position switch, which also acts as a sort of "accelerator pump" in the d-jet system, and possibly the high pressure regulator setting was compensating for it??? (I'm reaching here.)
Also, how about the ignition components. Years ago I had a 72 144 d-jet and I found that plug wires seemed to fail more often than the plugs, points, condensor, or cap.
How does it idle?
You might also pull one plug wire at a time while it's idling and look for a weak cylinder.
Possibly a burnt valve?? How's the compression?
Just some food for thought. Good luck with it.
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