cold starts on my classics are handles by either an electric or manually operated choke. The air is restricted, the gasoline amount remains the same. No fuel dilution has been noted on any oil analysis (so far).
That said, overall the A/F mixture is going to be richer on the average carbureted car vs modern cars with their computer controlled fuel injection systems. My K code Mustang and vintage Paxton Shelby’s are certainly examples of vintage gas hogs.
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