There is nothing inherently "wrong" with your original Teapot Holley carburetor and Load-A-Matic distributor. Over 30,000 '55 and '56 Thunderbirds were built with this combination, not to mention all the Y-Block passenger cars. The problems we had with the Teapot back in the day were due largely to aging gaskets or bad rebuild jobs. They would leak fuel and more than one car would burn a hole in the hood paint or worse. By the sixties, better carburetors were available, so it was easier to ditch the Teapot for a more modern carburetor. In 1957, the Y-block ignition system was substantially improved with the addition of a mechanical advance. Back then, it was common place to buy a whole1955 or 56 Ford V8 car for $100-$200, replace the Load-A-Matic with a '57 distributor, intake manifold and carburetor turning a formerly mild passenger car into a front of the high school tire burner. I can appreciate those who wish to keep their car as Ford built it. However, swapping out your Load-A-Matic, Teapot and small manifold with an electronic ignition distributor, "B" manifold and new carburetor would be a huge improvement in performance and drivability.
Early Thunderbird hood clearance is an issue. I have a 312 "B" manifold on my 292 with a Holley 465 and a Casco 1/2" PCV spacer plate in my 55 Tbird and it clears the hood. I use an aftermarket air cleaner. I had three early Holley 2 barrels on an Edelbrock intake on my engine for a few months. I had to run screens in the carbs as the bonnet style air cleaners would not fit.
