Exhaust pipe is glowing red

Spark timing advanced too much. Or it can be that the fuel mixture is either too rich or too lean- either condition would cause the exhaust to be too hot.
 
Yes I'm inclined to think the fuel mixture is too lean. I reassembled the carb and reset the mixture to the ford T service book which said 7/8th-1 turn. Previously had it set to 1.5-2 turns with no real issues. It's amazing that such a small adjustment can have an enormous effect.
 
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