Certainly sounds like a low fuel flow issue. It would not hurt to run some cleaner through in the fuel while it is running. Some small carbs have a diaphragm that can get stiff and not deliver enough fuel.
1992 Tbird LX 5.0, 3.73 gears, 1995 Cobra intake, deleted air silencer, 2.5" mandrel bent dual exhaust, SCP shorty headers. Updated four-hole fuel injectors. SK shift kit in AOD. Vogtland 0.9" springs, Tokico and Bilstein shocks.