Howdy All:
The Holley 1940 is like all carbs- there are good and bad versions of everything. There is no simple or single answer to your question, only one-at-a-time experiences and the big generalities.
The big generalities are; they were never installed at the factory, come in various sizes for various applications replacing the no longer available 1100s, and frequently cited for about 2 MPG less when replacing an 1100.
Criticisms include rough idle, hesitations and flat spots on acceleration. also hard starting hot. The Pony Carb Guide claims that the choke system works better than an 1100.
I set out to rebuild one once and chucked it. It is a much more complex carb than an 1100. I am an old dog and this was a new trick.
Jamyers- There is not a standard jet number in all 1100s. I think Pony jets to the elevation of the buyer. Autolite jets are hard to find. I glean from the junkyard whenever possible. I believe Pony Carb has a selection of Autolite jets available.
Adios, David