Classic/Antique Car Repair: 1966 tbird 390 detonation, air fuel mixture, lean air

Question
hi, i have a 66 tbird with a 390 motor,I just purchased it and while driving home i went up a hill and the car barley made it.the engine sounded like it had really low octane.i got it home and ran it out of gas,i put in 5 gallons of 93 octane with some lead additive and it does the same thing.when you try to  open the accelerator full it pops through the carb.I checked the firing order it seems to be correct.Is it water?.Also when i start it when it is cold it sounds like the timing is off.Once it starts up and warms up it idles perfectly.I hope you can help thanks!

Answer
The first thing that I would want to see from this car is a compression check numbers for each cylinder. The popping through the carburetor is caused by miss wiring of the plug wires, cracked distributor cap, lean air fuel mixture, or a bad intake valve, weal valve springs, or a worn cam lobe. Take a compression check and check the plug wires and firing order as well for a crack in the distributor cap. Let me know.
Brad