Mine flunked the first test after I bought it also. My first thought was to start eliminating potential 'simple stuff' then work up from there. (Mines a fuel injected 460 though.)
I got 4 cans of Seafoam, when I put the first 1 in through the brake booster vacuum line the cloud of******coming out the tailpipe was so big a neighbour called the Fire Dept! I then put 2 in the gas tank, and took it for a 2 hour drive. Then put the last can in the crankcase and drove to town to get an oil change and re-test.
The re-test showed dramatically lower numbers, almost but not quite a pass.
New plugs, wires, and dist. cap was enough to get me below the limit.