HBRADH

I just bought a 84 F-150 4 wheel drive automatic with a 302 2 barrel in it for $700. It does have a 3" body lift and 33" tire's. It had been sitting for about a year or so. I replaced the ignition coil and it fired up. I decided to drive it home and it run fine for about 3 or 4 miles then it started running ruff, like when I tried to open it up, then it stated getting hot and blowing a little black smoke while pulling 2 hill's and at the top of the last one it blew the top radiator hose. I checked the thermostat and it opened. I noticed that it sounded like it had a peck in it, not bad though. I got it towed home and it fired back up. I do have to feather the gas for about 5 minutes before it will run on it's own. The choke has been cut I think. It does have a hole in the exhaust from where I think maybe the smog pump was hooked? I does have a catylatic converter but no muffler. It is leaking oil from the pan and valve cover's and I am replacing those. I am just wanting to know if the carb need's rebuilding or just a new motor. I am planning on fixing it up and driving it for a few month's and reselling it, so I don't want to sink in alot of money into it. Thank's