I had a vapor-lock experience with my stock '28 coupe last summer.
I had taken it out on the Northeast Extension of the PA Turnpike as a dry-run before attempting the trip to Macungie and back, and it was a blistering hot day...
I had been running along at 50 mph or so, then had to stop for a toll-plaza... there was a line. As I was waiting for the cars ahead to get through, all odf a sudden, the Ford started to buck and spit and run really rough... I futzed with the spark, the throttle, the GAV... nothing really helped, but advancing the throttle kept it from stalling at least... during this eposide, I glanced down at my temp gauge under the dash, and it was pushing 200 * F... when I was moving it held around 180*.
Once I sputtered through the toll plaza, and got moving again, the engine cooled down a bit, and after about a 1/2 mile, it began to run normally again.
My next stop was after getting off the T-pike, having just pulled a steep 5-mile grade. While things were still good and hot (idling on the shoulder), I opened the hood on the passenger side and observed the fuel in the glass sediment bowl boiling...
So, I now "believe" in Vapor-lock as a real phenomenon, and usually add a couple ounces of MMO to each tank and have not had a recurrence...
In my case, this lousy ethanated fuel(10%) is to blame... can't get the plain stuff easily anymore...
I don't think that vapor in the float-bowl will raise the float, shutting off the fuel, but a vapor bubble could rise through the valve and into the fuel-line, and overcome the gravity pressure of fuel trying to flow downwards...
In down-draft carbs,when you shut-off a hot engine, boiling fuel can force liquid gasoline out through the jets and into the intake, flooding the engine and at the same time causing the float-bowl to go dry, then it's really difficult to re-start ( this is actually" percolation" , and is usually relieved by the float-bowl vent and or a special anti-perc valve).
SC Frank