It is unlikely that your turbocharger is internally functional, and as I mentioned earlier putting it in the hands of an experienced Corvair turbocharger technician for a complete teardown and inspection will help you decide on the next step. I would have the turbo inspected prior to spending any time or money on the carburetor. If you decide to overhaul the turbocharger you can discuss your carburetor options with that same technician and then move forward with a carburetor rebuild or replacement. The condition of the distributor and pressure retard device will also have to be confirmed, because these elements are a critical component of a turbocharged engine to keep it healthy and running well. And if you do return the engine to its original turbocharged running condition, more-expensive Premium gasoline will also be an essential component.
You should also run a compression test on all cylinders to determine the mechanical condition of the pistons, rings, valves, etc. This will help to determine the mechanical state of the basic engine and whether or not it is sound enough to remount an active turbocharger. You can certainly mount a pair of standard carburetors on the engine in place of the turbocharger, but you will also have to obtain the associated vacuum balance tube, associated carburetor linkage, air cleaner and PCV assemblies. The end result will be something close to a 110 hp engine, with the same camshaft as a 110 hp engine but with a lower compression ratio. The engine would probably produce about 100 hp and would run fine on Regular gasoline.
95 hp Engine: 8.25:1 Compression Ratio
110 hp Engine: 9.25:1 Compression Ratio
150 hp Turbocharged Engine: 8.00:1 Compression Ratio
The centrifugal advance curve and pressure retard found on the turbo distributor is quite a bit different than a normally aspirated engine. If you substitute a pair of standard Rochester carburetors you will need to consider changing to a standard distributor also. In addition, the heat actuated automatic choke mechanisms are not present on the turbo heads, so you would not have any way to hook up automatic chokes on standard carburetors unless you buy the choke mechanisms and install them on the turbo heads.
As you can see there are a number of small elements you would have to obtain to detune the engine to become a normally aspirated engine. You might want to have the turbo inspected first to do some cost analysis on bringing the intake system (turbo and fuel system) up to par, before you jump into trying to obtain the parts you would need to revert to a normally aspirated engine.
You have what looks like a nice and very rare Canadian-built Spyder. If you want to retain that unique classic in its turbocharged Spyder configuration, you will have to determine the mechanical condition of the turbocharger and engine, and then decide if you want to proceed with restoring it to its original state or spend the money to detune it to produce a drivable vehicle a little-more quickly. If the engine turns out to be mechanically sound, rebuilding the turbo and carburetor might be the best way to go, instead of spending funds on the other hardware needed to produce a running normally aspirated engine.
See the following for guidelines on removing and replacing your fuel tank...
Fuel Tank Removal & Installation
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