Not sure where the term "teapot" originated; back in the day, we referred to them as "haystack Holleys".
The 4-barrel design, as used by IHC, was a continuance of the 2-barrel design which came out in 1952, replacing the older AA-1 2-barrel on larger engines.
The 2-barrel was type 1901, and was used by Ford, Mercury, as well as IHC. These were heavy-duty truck carburetors, and regardless of the various disturbed pixels on the internet, were virtually bulletproof.
The first 4-barrel to used this design was the 2140 which debuted in 1954. The 2140 was used by IHC up through the 1974 model year. It as also used by Ford, Mercury, Lincoln, Dodge, and was used for many military applications because the design was so rugged. Again, virtually bulletproof. Many of these units were fitted by Holley with throttle shaft BEARINGS, as well as seals.
The 2140 was slightly modified for passenger use, to become the 4000. Ford used these on the T-Bird, as well as factory dual quad and supercharger versions. I personally ran one more than 200,000 miles after a rebuild.
The haystack does seem to have acquired a bad reputation, apparently a vehicle using one caught fire, and also caught the attention of the news media. Many "parrots" on the internet have continued to badmouth the design, probably never having seen a haystack Holley.
The biggest drawback to the design today is the lack of availability of rebuilding parts. Yes, we still make rebuilding kits for all of them; but was forced to remove the secondary diaphragm from our kits a few years ago because my American supplier would not do a minimum run of 1000 diaphragms. I understand that there is one available that is being made on the other side of the world, but I refuse to sell other than USA-produced parts.
There are two "gotchas" as described in various Holley service letters: (1) the large washer on the original air cleaner stud MUST be used to seal the plug used for the idle circuit access holes, and (2) the secondary air bleeds are tiny, and can plug in really dusty service. These should be checked at some reasonable interval (depending on the type of service). A secondary function of these air bleeds is to break the syphon effect of the secondary jet circuit.
Most passenger use went to the end-bowl Holley (type 4150) when it debuted in 1957. If you are old enough to remember, hoods were trending down, and hood clearance became a premium. The end-bowl Holleys are significantly shorter than the haystacks.
And finally, yes carbking DOES enjoy his tea!
EDIT: Steve, just reread your original questions. Yes, all of the haystack Holleys are very tunable. All have removable/replaceable idle tubes, main metering jets, power (economiser) valves, and power valve actuating valves.
Jon.