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Ever since I purchased my 78 (L48/auto) last October I have thought the car was sluggish. I changed the wires, cap, fuel filter and plugs, checked the timing and looked for vacuum leaks but it still seemed as if it did not want to rev very high, actually it seemed as if it was out of breath at 3,000 rpms.
While checking under the hood one day with the engine running (and car fully warmed up) I noticed that the heat riser was in the "up"position (and restricting the exhaust flow).
I changed the vacuum switch (on the thermostat housing) and verified the heat riser releases after the car warms up. The car now runs a TON better.