I have some of the same problem of the engine racing when cold. The solution is different for you and I because you have a carburetor and I don't. You need to adjust the automatic choke. Normally there is a screw that holds the throttle open a little when the choke is closed. That is the fast idle adjustment screw. If you turn it out you can reduce the cold idling speed. It may also be useful to reduce the closing of the choke valve at the top of the carburetor. Usually (on American cars) this involves loosening three screws that hold the temperature sensing bimetallic coil cover on the side of the carburetor and twisting it a little, then tightening the screws that hold it. If you reduce the choking too much, it may be hard to start the engine in cold weather. It may require pumping the accelerator pedal to make the accelerator pump in the carburetor put extra fuel into the engine before or during cranking. I could check my repair manual later to see if it mentions a way to adjust the fast idle.
I discovered an interesting and inexpensive way to check fuel consumption in my car. I connected a dwell meter (normally for adjusting points in an old distributor) to one of the wires on a fuel injector and the positive battery terminal. I think the reading on the dwell meter is proportional to the fuel flow rate. That wouldn't help if you have a carburetor.
Many years ago I bought a digital fuel economy gauge from JC Whitney. It included a fuel flow sensor to be installed near the carburetor and a vehicle speed sensor which was attached to the back of the speedometer. It worked but the readings fluctuated a lot. I think the fuel flow into the carburetor was not very steady. I used it with an old Pontiac J2000. It was not supposed to be connected to a fuel injected car because the fuel pressure would be too high for the fuel flow sensor. I think this thing was made by an English company called Mobelec.
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