I have a 292 with a little bigger cam, blue thunder intake and ford-o in a 56 sunliner. I had an edelbrock 500 cfm carb for a while, and found it was too big for regular around town driving. I tried messing with jets, etc. and it was just too much carb - always very soft/lack of throttle response in the mid range no matter what I did. Plus, my used oil analysis showed a LOT of unburnt fuel/oil dilution and accelerated ring/bearing wear, etc.
Last year I switched to a Holley 390, and the driveability improved significantly. Also, latest UOA indicates that there is MUCH less fuel dilution and that wear is back to where it should be. Yes, it lost a LITTLE at WOT, and the intake roar isnt quite as loud with the smaller carb, but the throttle response and better wear internals more than makes up for it, IMHO.
Hope this helps!
Ron Grove
Wauconda, IL