I installed a Wide Band air/fuel meter, AEM, and for now the O2 sensor is in the pass side collector.
I recently built a new 505 engine with a new 870 vac 2nd Holley.
I also bought a Holley tuning book by David Vizard. The A/F gauge is GREAT for setting up the carb. With my limited Holley tuning experience, this is the only way I can tune the carb with it's multiple circuits. (I have tuned 2-cycle carbs, but usually with Exh. Temp. gauges) Even if you are having someone else tune your carb, it will make their job much much easier and more accurate. The big question "is that bog lean or rich?" is instantly answered. 2 cautions, no header or collector gasket leaks allowed, and a lean misfire will make it momentarily read rich.
I will give an example, before changing any jetting, the engine just seemed not as responsive as I though it should be, I called it "flat". I had 16 deg initial, 32 deg all in by 2000rpm, and the vac advance adding another 22 deg when it came in. It didn't misfire or smoke. At 30-40mph steady, I was pretty sure I was still on the transfer slot, and the A/F was around 10.9:1.
I started playing with the low speed jetting. 1st I drilled out the Idle air bleeds some (I don't have my notes here, so I don't know how much, also my carb did not have "changeable" air bleeds). But that didn't seem to do much. Next I removed the fixed brass idle circuit jets from the metering block (they were .036"), tapped threads in those holes, and drilled smaller holes in brass set screws to "jet down" the fuel in the low speed circuit. That was the answer! Dropping to .033" gave it noticeably better throttle response, .030" was better, .027" caused a lean misfire. So I settled on the .030", that gave me around 13.0:1 A/F. Not as lean as I though I could get it, but I guess that's what this engine wants. Keep in mind, when driving and testing throttle response, I'm only using the 1st 1/4 of the throttle for this circuit. To get the A/F reading, I go steady state at about 30 or 40 mph with very light throttle - you have stay on the transfer slot, with no main booster fuel.
The idle mixture screws changed this some, but they must be optimized for idle mixture. I discovered by accident that they can be used to test idle circuit jetting, I accidently had them screwed in too far, I think 1/2 turn. While test driving, I had to keep bumping the acc. pump to keep it idling, BUT it gave it improved response in the 1/4 throttle area. That was a big tip - I had to go leaner!
I have a few more details in my last post of my "440 to 505 Build".