Yes, do drill a small hole on the underside of the cap. I bought a new cap for mine, said vented, but it was not! First time out it starved for gas, but it held vacuum because it was not a hot day.
Vapor lock is a very real possibility. It is caused when the gas in the fuel line boils. The boiling gas expands and pushes the liquid gas back up the line, blocking the flow to the carb.
A few things to check; the heat shield, you say it is there but may be failing. Is it rusted through? As long as it's still intact it will work. If there are holes, it could be patched with some sheetmetal slid in to cover the holes. Exhaust leaks under the hood will also raise the temperature.
When you did the electronic conversion, did you check the centrifugal advance? The rotor should turn a few degrees and spring back when released. If it's frozen, sluggish to return, or the springs are missing the distributor needs to come apart and everything freed up and lubed, springs replaced if missing. Also, the timing needs to be properly set. I'm saying this because retarded ignition timing will cause raised exhaust temperatures, which will aggravate a vapor locking condition.
The fuel line should be steel, not copper. Steel is less conductive of heat, it can make just enough difference whether the gas boils or not. Also the line needs to be routed as straight and far away from the exhaust as practical. There were never any inline filters from the factory, adding an inline filter can cause problems, they don't play well with gravity flow systems. There should be a screen standing inside the tank, a screen in top of the sediment bowl, and a screen in the elbow at the carb. If the tank is contaminated and or flaking rust, it will eventually need to be dealt with, it will be an ongoing problem until remedied.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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