I just saw Fbird's post, he is right about checking the fuel pressure.
The 1405 doesn't like too much pressure, I've been successful at about 7 psi, but I've also had problems at about 7 psi.
This is especially true if:
Your truck was an early tbi design which has too much fuel pressure for a carb;
if you saw signs of flooding on the old 1405, like fuel dripping down the throttle bore at idle or fuel weeping, dripping from the gaskets at the fuel bowl.
If your fuel pressure is just a little high then the reason your friends carb worked was because the needle/seat was probably a little newer (stronger) and able to hold off the flooding.