As far as the idle, there's a lot of things that could be up with that. For one, trace allllllllll of your vacuum lines and make sure that you don't have something rotted through, collapsed, pulled off, pinched, or incorrectly routed. A prior owner may have tried to bypass something that wasn't working (rather than fixing or replacing the problem part), and it might be pulling vacuum from an inadequate source (or none at all, if it's plugged).
If you're sure that there's no vacuum leaks, you can then try setting the base idle. I'm a bit like you in that my experience with carb'ed motors is mostly GM-related. I'm honestly not sure where the connector is on an older carb'ed Ford, but at least on the 80's Rochester 4-bbls there was an electrical connector that you would disconnect first before starting the motor so that the ECM wouldn't mess with things, whereupon you could then start the motor, set the base idle by adjusting the idle set screw, shut it off, and then reconnect that electrical connector. (Pretty much the same deal as when setting the initial timing on an EFI 5.0 motor, where you pull the spout connector first, set your timing, then plug it back in.)
The dieseling when you shut the motor off is likely due to the high idle, as it's running a mechanical fuel pump and will keep dishing it out as the motor's turning - if it's idling too high when you shut it off, it has enough inertia to keep turning, the plugs (or something else) in the combustion chamber is still hot enough to ignite the fuel still being thrown in there, and it just goes on an on. Fix the high idle and you'll surely have the dieseling problem fixed.
As far as beefing the motor up, it depends on how involved you want to get with it. If you've got a stand and engine lift, you might find it easier to just find a shortblock you can clean up, throw those extra heads onto, and put a matched cam/carb/intake setup on there, swapping the whole motors out, and then selling off the old motor to recoup your costs. Gas mileage is going to suck no matter what you do, really ... especially if you go bolting on a 4-bbl and get to dipping into the throttle every now and then.
Depending on what the smog situation is like where you're at, you might be able to get away with converting to dual cats and running true duals from there on back to help with the power. I wouldn't go bigger than 2.25" on your current heads, as it would be overkill, but if you want to just do it once in anticipation of a later headswap and such, then dual 2.5" would work. If you're limited to running a single cat no matter what, you might consider one of those two-inlet/two-outlet cats that also serves as a crossover, then running the tailpipes parallel back and then out the passenger side in a pair, a-la SVT Lightning exhausts.
Just some ideas to kick around. Hope they help!