Some tuning tips you may want to consider:
1) AFR at idle is almost useless - just aim for highest manifold vacuum. It may be 13.2 or 14.0.
2) Cruise you can get really lean - 15-16-17:1! But it will get finicky with the accelerator pump set up. You can measure the improvement in fuel mileage because you spend 85% of your time at cruise. How your power valve is set will determine if you can smoothly transition to power but timing (see below) is critical too.
3) Make sure your timing is correct first. Decent idle timing is pretty easy to get but changing the curve on a Ford is a pain. You can play around with vacuum advance easier which is what I did to make my mileage climb. I used 15-16:1 then pulled in plenty of vacuum advance to give it good throttle response when going from cruise to more power. This is where you still need to read the plugs. You can see how good your timing is on the ground strap of the plug.
4) If you have E10 or E15 in your area in winter you may need to reject. We run E10 all year around here but in winter we get oxygenated fuels and they need a rejet of 1-2 numbers and a little less timing. E10 changes your target AFR a bit.
You are going after it the right way - with instrumentation! Take good notes because if you get lost you can always back up one step and re-establish your baseline.
1) Yes, I found the vacuum gauge and tachometer still is the most effective way to set the idle mixture.
2) This is where an Edelbrock carb shines. With a handful of pull-off springs, and a vacuum gauge, you can easily figure out where the lag is and which pair of springs to select to get you into the power circuit smoothly.
3) I had my distributor curve calibrated by "Reincarnation" in Tacoma. They take your engine specs, cam card, vehicle weight, tranny type, and gear ratio and set the mechanical and vacuum advance. They recommended 14 degrees initial advance as a starting point. I lowered mine to 12 degrees because of a little ping at hard throttle. I may bump it back up and switch to high octane gas. I haven't decided yet.
4) Good point about winter/summer fuel. I'll be keeping my ears pealed for a ping.
Where the Edelbrock carb is now is 3 stages lean from stock on the cruise & power circuits, and 1 stage lean on the secondaries.
No more smelly clothes, and it's peppier too. Out of the box, the carb was running quite fat.