1) Fuel filter
2) Check the exhaust valve rubber diaphrams for rips/tears
3) Check the Throttle body boots for rips/tears (twist and move them around, flashlight close up)
4) Take some vice grips and pinch off the rubber hose form the ex solenoid to the "T" to rule that set-up out
5) Compression check?
6) When you have the exhaust valves out, take a light and look inside the bores to inspect the sides of the piston
7) Clutch springs
I hate to say this but check the compression,loss of rpm on that motor is the first sign of the motor letting go.I hope that is not the case but check the pistons for damage.
raceinsnow, what should the compression be on these motors? send me a pm with your phone number or email just in case. i am going to tear into it this weekend. i'll keep everyone posted.
Fellas thanks for all the responses. I took a quick look at it after reading these responses. The rubber tubing that connects to both exhaust valves, I believe it's a vacuum assist for the valves, was disconnected to both. I remover cleaning them and being in a hurry to get to dinner, so I must have forgotten to hook them back up. So my sled was running with no exhaust valves. I lifted the rear end and it then hit 8200 rpms. So hopefully it can hit that with me on the sled.