I have a 89 TPI 305 formula, 5spd, 3:45 gears, ttops, dual converters, all stock except for exhaust. I just bought it, it has a few electrical connectors off, under a/c compressor, looks like maybe for an air pump or something, theres an open hole where the AIR line was, the manifolds have no air fittings on them. Looks like no charcoal canister in the front side, but open connector there. Under the fuel rail, on the back of the right side of the engine next to the distributor, theres two vacuum lines plugged with bolts. NO CATS either, just pipes welded in place of em. Also on the throttle body, 2 lines capped off on the right side of it. No vacuum leaks can be found, starts every time, but heres the question...

On startup, you can smell the fuel burn off, and see the smoke from it, then let it run for a bit, and you can smell the car runnin pretty darn rich, what do you all think it could be?? Definitely fuel, you can smell it, and see it kinda out the tailpipes.

Also, as soon as you start it, everytime, it revs to around 2 to 2500 rpm, then slowly comes down, what do you all think that could be?
It runs strong, no hesitations, not stalling, needs a clutch now, but thats it.

Also, is this eng/trans/gears combo pretty rare? and sought after?