Drilling carb butterflies is a last resort. Its for situations where you have a stock converter and a cam which is above 225 derees 50 thou lift. Real issue is how pig rich a Holley 2-bbl is on a 200 without the right Power Valve Channel Restrictions. PVCR's can be gotten around by other methods, there is no one solution to jetting, but the collective advice is that as capacity falls below 289 cubes, the 2-bbl 350 cfm carb needs some simple changes to avert too much part throttle richness.
Asside from your altitide, your main carb problem is the classic problem with large venturi area 2-bbl carbs jetted for 289 to 400 cube V8's on smaller 200 to 250 six cylinder engines. A 7448 carb is a nominal 351W/351M replacment carb. In your case, it has lost 75% of its airflow and vaccum due to the loss of 150 cubic inches.
1. The power valve channel restrictions are too large if you haven't organised the vaccum advance and static timing to suit the application.
2. The signal to the carb is less than Holley envisaged for its orginal appication.
3. There are also some port to port size issues between the 1.19" venturi 350 Holley 2-bbl on an in line six.
4. The power valve, Power Valve Channel Restrictions, jetting, platic cam and pump squiters and accelerator pump volume and setting can then tailer the right air fuel ratio. The 5 to seven hole variation to the stock 6 hole well tube can be done if there are any problems getting a proper air fuel ratio. So can the air bleeds.
V8's require the two 59 thou power valve channel restrictions with 10.5 to 8.5 power valves, and have jetting from 58 to about 65 call size jets.
That's all well and good for a 289 to 390 or 400 Ford V8. The factory net rating for those was 129 to about 200 hp net (gross ratings, 195 to 265 hp), 165 hp net (230 hp gross) nominal.
But see what happens when you drop capacity. On a little Four cylinder, the carb needs to have two brass restrictors inserted to be about 19 thou, with 2.5 power valves, and 65 jetting for a 125 hp net 2 liter 121 cubic inch Pinto engine.
For the in betweener's, say a 221 to 260 Ford V8 or 200 to 250 in line six, the power valve channel restrictions need to come down to 38 thou, the same size as the front half of a 390 cfm 4-bbl carb. Power valve needs to drop to 6.5 to 4.5.
Jetting stays up, since there is a need for more fuel from the main jets to compensate for a large venturi area.
The alternaive is to contact Will (wsa111), and have him recurve your ignition and rejet your 350 to suit. There are annualar discharge boosters and other adjustable componets thatt allow a 350 to give its best with the stock V8 jetting.
As an adjunct to this, Ford knew all this already when they introduced the 1957-1972 2100 Autolite and revised 1973-1983 2150 Motorcraft 2-bbl. They initally used Holley jets, so I know what the differences are in part to wide open throttle fuel delivery.
Ford fine tuned by four things too.
1.They used a one size fits all 8.5 power valve, and
2. used the K memeber rod sizes to control and restrict power valve fuel flow
3. And a 5 or 6 hole Well tube to trim peak and part throttle ar fuel
4. And tailored venturi sizes 0.98 to 1.33 to control peak air speed.
They knew that for best torque and fuel economy, Ford found that happened at 400 feet per second (approx 120 ms-1), so they restricted venturi size to that level for peak power. For best power, the figure is 265 feet per second (approx 80 ms-1). The loss of 50% of the design air speed requires a retrim of the base jetting by four methods in the Autolite/Motorcraft, but there are five or six ways to do the same thing on a Holley 2-bbl.