You should not have the original TFI equipped distributor on a carbed car. There is no way to properly advance the timing. The EFI computer uses information from the computer sensors to advance the timing.
If you bought the car and it was a carb conversion, you were taken advantage of. I hope you stole it because if you didn't you got robbed.
If you did the EFI to carb conversion, you are lacking in vast amounts of knowledge on how carbed cars operate.
Check for flooding. The extended crank is because the engine is either flooded or can't get enough fuel and air. Holding the throttle to the floor without pumping it clears the excess fuel out of the engine. The flooding usually a result of damaged power valve, incorrect float level or excessive fuel pressure. The fuel pressure at the carb should be about 4-6 PSI.
Do not use an EFI in tank fuel pump with a carb. You will never get the pressure/flow regulated properly. Either go full EFI or use a tank/fuel pump/fuel lines out of an 84 or earlier Stang. Fabricating your own setup is possible but there are some snags to overcome.
Do not attempt to leave the EFI computer in place in an attempt to control either the electric fuel pump or ignition. Doing so qualifies you for the “Road Kill Mechanics Award”.
If you try to use your current tank, you will need to pull the fuel pump out and fabricate a pickup tube & strainer sock to replace the fuel pump. Or you can have a sump fabricated and welded onto you existing tank. Many welding shops will not weld fuel tanks because of the dangers involved if the tank isn't purged properly.
You will need an external electric fuel pump unless you change the timing cover for one with the mechanical fuel pump mount on it. Rip all the EFI wiring out, and the computer controlled fuel pump won't work. You will need to add a relay & switch and wire in the existing inertia switch for an external low pressure electric fuel pump. Do not try to wire the fuel pump without the relay. The 15-20 amps the pump pulls will overload the circuit. This will take power away from other items on the same circuit or cause the fuse or fuse link to blow.
While you are at the electrical part, you'll need a Durspark or similar ignition system. The 85 Mustang GT 5 speed has a suitable Duraspark distributor with a steel gear compatible with the roller camshaft. The EFI ignition depends on the EFI sensors to advance the spark. Rip out the TPS and MAP/Baro sensors and the computer will have no idea of the proper ignition timing for best performance. Running a fixed timing setting is only for test purposes or for a race track only car. Don't try it on the street: the results will not be nearly as good as a properly setup Durspark or equal. Crane makes a really nice distributor for non-EFI applications. . See
Crane Cams | Automotive Home Page for more information. Cost is about $400, which makes the 85 Mustang reman units look really appealing.