Even BACK when the cars were newer, the OEM Holleys on Chrysler V-8s had a poor reputation for durability, needing annual carb "kits" and such. Didn't hear the same things from my Chevy friends who had similar carbs, though. Back then, too, the quality of the cork gaskets and such in the Holleys were not nearly what they now seem to be, from my experiences with the newer Holleys, 4160s and 4175 OEM-replacement carbs.
The cfm on the carb you have is "ballpark" with the OEM Holley 4160 from back then. BUT any double-pumper Holley is pretty much a drag race carb that CAN be used on the street, but was not designed for such. They were all manual choke carbs, too, with the "race bowl" dual-line set-ups.
As mentioned, that "rod" is holding the manual choke open, rather than the prior owner taking the time and expense to engineer a manual choke cable for the car. Holley did have an electric choke kit for many of their carbs.
MANY good options in the stock-type Edelbrock/Carter AFB and AVS, plus the Street Demon. All with electric chokes. Watch the sales at the big box places, plus the coupon deals (as mentioned). Should be some Labor Day sales soon?
Enjoy,
CBODY67