I own one of these as well. If the thermostart is operating properly, it should only flow fuel when the element is heating (i.e. when it is energized). Having said that, I think there were a couple of variations with the ignition switch which over the years which could have been rigged improperly. My manual describes turning the key to the left for thermostart, but my key will only turn to the right. There is a small position on mine just before start which energizes the thermostart. I find it very difficult to find that spot with gloves on a cold day. An old Ford mechanic gave me a more fool proof procedure...keep range selector in gear and turn key all the way to start position (this energizes the thermostart), hold for 20-30 seconds and then move range selector to neutral (gear selector must obviously be in neutral to start with), engine starts spinning and thermostart has warmed up the intake and engine starts right up. Only reason for describing all that was to say that over 30+ years switch may have been messed with to energize the thermostart at all times. Mine is energized at both start and thermostart positions on the switch. It would be simple enough to verify operation of yours with a volt meter or test light to see what key positions provide power to the thermostart.
Hope this helps,
Kirk
Ask over on the Ford board as well, more Ford specific experts over there.
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