Okay I have it running pretty well now, at least once it's warmed up. Cold start is still a bit tough but I will come back to that.
I checked timing and everything is fine, and I checked the warm-up valve on the carb which was not setup correctly. So I followed the greenbook and adjusted it so the valve lifts off the seat around 20°C.
I checked the choke valve and I think it is correct based on general guidance I've found online, but confusingly my valve is a mirror image of the valve in the Greenbook ? so not 100% sure what that's about.
In the images above, my carb exactly matches the carb side of the fitting, but my choke fuel valve has the big port and small ports in a mirror orientation - not 180° out but mirrored. There's no way to flip it so evidently they had two different parts.
I also played with the mixture a bit, I will dial it in fully with an O2 sensor. I checked the ATF level in the damper pot and it was low so I topped it up and that has sorted out the backfire when you plant your foot. It wasn't bone dry just maybe half as full as it should be.
Finally I just let the car run for half an hour and get everything bedded in. There's 20L or so of pretty old 98 in the tank, it smells fine but it's about a year old so I will fill it up with fresh fuel when I take it for blue slip.
I took it round the block and it makes NICE power. Not ridiculous, but very satisfying. Very nice power delivery too.