How much HP does the 323 make? You can't make HP without air and fuel regardless of CI.
The dyno said 475, but that was without the accessories I am running on it.
A 650 carb will feed 475 hp. If you have that engine on a dyno with a mass air flow setup I bet it isn't using more than 650 cfm. That tells me that something was wrong with your 750 carb.