O2 (oxygen) sensors can be used to troubleshoot the fuel/air mixture. This uses an Oxygen sensor (Lambda sensor) to display to you how the actual a/f ratio of the engine as it is running. This is good for carbureted cars too, so you can see which way you need to adjust or jet the carb.
Basically, you can tap in to the existing wire for the sensor. You can get a high-impedance ohmmeter at radio shack for under $40, but the specs need to be 20 Mega ohms resistance (most are not this high).
Sensor cost from $40 up for new. For installation, just weld a threaded 'bung' to your exhaust pipe. It should be at the collector or start of the exhaust pipe, as close to the engine as possible:
$10 a/f sensor from Autospeed article
full-range LED sensor project from Autospeed article
See datsuns.com tech article. For an excellent description with diagrams, download TWM's PDF file www.twminduction.com for their "Halmeter" product. Link LambdaLink From New Zealand
Camden Industries Zcar Magazine two excellent articles on using Lambda sensor. For more, including build-it yourself A/F meters, see Jason's Weber page