Bought my first car this week!

[quaddriver]

Ok based on the A code motor:

A 460 CID 4V V-8 (52,466 Built; 72.3%)
Bore & stroke: 4.36 x 3.85 in.
Comp. ratio: 8.0:1
Horsepower: 210 at 4200 RPM
Torque: 357 lb.-ft. at 2200 RPM
Carburetor: Motorcraft 4350 <---which means....

underneath that air cleaner lid is a 4bbl carb. now we are getting somewhere, remove, rebuild, pay attention to the choke system. THAT is why it sputters when cold.

furthermore, you mentioned PS fluid leak, from the pics, you have the saginaw (GM) pump, very cheap to obtain.

As you work on the motor over the years, the factory valve cover and cleaner paint is 'old ford blue'.

See to the left of the motor (as you face car) the air cleaner 'arm' with the bellows hose and plastic? that is the cold air snorkle. Its not as restrictive as most, but it does impede air flow. why? noise. moving air = noise, lincoln owners dont wanna hear noise. If you can find a dual snorkle cleaner, more air inside. See the silver hose under the snorkle? heat riser. Make sure when cold the valve on top does in fact open - aids in cold start, it forces air past the manifolds and warms up sooner.