Nice pickup there Jonesy, but the pace and the mustang bases are definitely not interchangable. The mustang has a full crank bolt pattern and the pace has a briggs bolt pattern(same as powertorque but wihout the exhaust cutout).
Having said that, the black soot is common on these and is generally not an indication of how good the motor actually is. The muffler would normally have a deflector bolted to it to direct gases out to the side. Yours has more than likely gone missing somewhere along the way in the last 30 years or so.

Last edited by bigted; 19/12/13 11:26 AM.