The cheapest route for carb replacement would probably be a junkyard Motorcraft 2150 and a cheap adapter. It will almost certainly need a rebuild, but the kits to do it are cheap. Find a rebuild writeup on the web or in a manual. Just follow the directions and keep everything clean and it's not hard at all.
The hesitation could be anything from the ignition advance to fuel delivery. Before you do anything else, check all hoses for leaks and all grounds for good connections. Time it, and do a basic tune of the carb. Then do a step by step inspection of the whole ignition and fuel systems. The problem is more than likely going to jump out at you before you get very far into it, but it's great time to go ahead and make sure it's ALL working as it should.