Jason,
I too am experiencing the same issue. Hoping someone will chime in. Thus far, I've rebuilt the carb (thought maybe it had something to do with the accelerator pump or float) and also replaced the fuel pump with no success. I can troll all day on this motor, but as soon as I open it up, it dies (no high rev sound right before it dies, so I no longer think it's a fuel related issue). Removed my distributor cap and the ignition module is pretty corroded, so hoping to clean it up and double check the air gap of the sending unit (.08" is what it should be from what I've seen... for my distributor, Volvo pn 3854077). Bought new wires, cap, rotor and plugs. Hoping to get them on this coming weekend.