I've always prefered the throw away method. Throw the Edelbrock carb in the trash and purchase a Holley. Holley carbs are actually designed to be tunable.
Purchase the January 05 Mustangs and Fords. There is a complete article on tuning.
Holleys were the reason my Chevy friends called Fords " Fix Or Repair Daily".
Edelbrock carburetors are very easy to tune. They come with a booklet on how to tune them. Of course, you will need to buy the correct calibration kit for your model of carburetor. Then it's very simple from there.
On the top of the carb, there are two trap doors (one on each side.) They are attached with one screw. Loosen each screw and the covers will "pop up." Don't unscrew them all the way, or they may fall down into the carburetor! Once they pop up, reach inside and pull the metering rods out (there will be a spring attached to them.) Read the guide to see which metering rods you'd like to install (part numbers are inscribed on them.)
Also, those springs are changeable too and are painted different colors. These operate on vacuum to force the metering rods up and down in the jets, effectively allowing gas to either flow through them lightly or heavily. The colors of the springs are noted in the calibration guide and their ratings of vacuum pressure are noted as well.
Inside the carb, you can change jets on both the primary and the secondary sides with a flathead screwdriver. Of course, you have to take the cover off first. The screws on top will come right off with a nut driver. The best part of all, is that it won't leak like the older Holley's.
You can also adjust the pump squirter from the outside of the carb with a pair of needlenose pliers too.
I can't really tell you how to exactly calibrate your carb, as every combination is different. That guide is extremely helpful and the calibration kit should have everything you need to do it correctly. Good luck!
I bought an Edelbrock 600, tried to tune it, but it turned out my old short block was crap. So I ditched the whole thing and went with a 91 injected engine. It tunes itself.
Go to Edelbrocks carb tuning page. Edelbrocks are made more for ease of tuning and reliability then performance.