Seems that my converter is too tight or something is wrong with it. By that I mean as the tranny fluid heats up to operating temp, the idle drop when putting into first is like 300-400 RPM and I have to footbrake it to keep it running.

I've tried everything in setting up the timing and carb and it idles well when cool, but when she's hot the verter seems to bog the motor down.

Is there a way to test the converter still in the vehicle or to I have to tear it out to check it properly.

Oh ya, its a 8" 3500 stall TCI.

Have you tried footbrake stalling the converter?

Most problems like this are engine tuneup related.

Couldn't stall the thing today. Got up as high as 3000 and it wouldn't go any higher (or stall) no matter how much gas I gave it.

So I left 100 of rubber on the road

It sounds like it's working right. Your engine size and output will also factor in on the stall.

This will expose my level of beginner-ness (if it wasn't already obvious by now) but, I'm guessing now that the "stall" is the point at which the engine rpms stop increasing, not actually a stall where the motor dies. Is that right?

Yes, it's converter stall speed not engine stall speed.