I recently rebuilt a Carter thermoquad and read quite a bit about it. One failing they had involves the seal between the center casing and the air horn. There are two gaskets there that can leak gas straight into the manifold, so I am told. Here a couple links to get you started.
http://www.offroadexchange.com/projects/CrtRbld.htm http://kenalbin.com/tech/vaanth_tq.txt If you decide to swap the carb, find out if you have a spreadbore or squarebore manifold. The squarebore has larger secondary holes while the square while be symmetric. The carter TQ is a spreadbore but someone might have used an adapter plate to fit it to a squarebore. There are many more choices for a squarebore carb, an Edelbrock performer 625 cfm would be inexpensive and easy to find parts for. You can use a squarebore on a speadbore manifold using the adapter, but I hear it is not ideal. Likely will not matter too much on a 318 though.
Tedd