Okay, I have an Edelbrock 625 (I think that's a 1406) on my gas Olds 350. It got 16/20 mpg with my 2004R in the 80 Cutlass.
Your fast idle cam should be controlled by the choke linkage, indirectly. Until I had the choke adjusted properly, I used to have to rev it quick to get it to drop down as well. Since you are having this problem all the time, you need to just loosen your three screws and move the choke back a little and try it again. Your choke could be slightly on all the time; that would help suck a lot more gas all the time as well.
Your fast idle cam should be controlled by the choke linkage, indirectly. Until I had the choke adjusted properly, I used to have to rev it quick to get it to drop down as well. Since you are having this problem all the time, you need to just loosen your three screws and move the choke back a little and try it again. Your choke could be slightly on all the time; that would help suck a lot more gas all the time as well.