Thanks for the info. I have let it run , its burning gas like crazy. I think it might be water in the tank after sitting in a garage all winter the weather has gone from 60 one day to the teens the next. Do you think it is possible that its just water, there is spot of fluid coming out of the exhaust and like I said burning gas like crazy
I see you're also in the NE then lol. This winter has been odd, eh?
So, at least with the turbo Capri, they are known to have issues starting/running with old gas in the tank. This is due to the low compression ration (it's something absurd, like 7.5:1). I know the N/A Capri has a higher compression ratio, but it's still pretty low. I kind of doubt this is the issue, but it's easy enough to check. If your tank is low, just top it off with a good amount of FRESH gas. If it's not so low, siphon out the old stuff first.
If you are really burning a ton of gas though, I'd be more interested in your fuel system. Can you have your fuel system pressure tested? Did you have your injectors out/inspected/cleaned when the timing was done? It's possible an o-ring (or several) for the injectors got torn, causing a steady leak-down of fuel into the intake manifold. It's a fairly common issue when servicing very old fuel systems.