Thanks for all the input guys, it's really helped!
I've got a BIG update! I stopped the dieseling and backfiring through the carb by removing the rest of the old emitions hookups, and fixing all the vacuum leaks my carb had, I replaced the thermostat and housing, got it perfectly in time, and it runs beautifully!
And I've got another update on my Camshaft situation, its not bad! i don't know how i missed this but the cam IS pushing the lifters, and opening the valves! I looked closely and the two rocker arm studs for Cylinder 5 sit higher than the rest, and i was able to TAP them down with a hammer and block of wood, but one just jerks back up when i fire the engine. So either the heads are stripped or the studs are stripped, but either way the valves at least open, the Intake valve rocker arm stud didn't jerk back up after i tapped it down, but the exhaust side did.