Yes I held the gas pedal to the floor the whole time. And I didn't think you could adjust the valves on this motor. If you can how do you because I'm flustered on this whole thing.
Wow that is weird that it ran like that with the pedal all the way down...
Man this is getting out of my comfort zone with OHC engines, I've done very little work with OHC's. I think, and am pretty sure, that the way you adjust the valves is to shim the underneath of the "lifters". They are not called lifters but you know what I mean (I think). The things that are on the other end of the "rockers" (I don't think they are called rockers either...). I believe you pull them out and shim them. I think you should PM member superiorstyles, he knows a lot about the 4.7L and OHC engines, my actual experience with OHC is very limited... I will say though that if you didn't adjust the valves this could certainly be the problem. How do the "rockers" attach, over a stud with a nut?