I have built countless phazers.. and one of the biggest mistakes that people make during assembly is in the choke adjustment. If one of the cables is too tight, or the choke plunger is not seating fully, it will act exactly as described. It will run great when first started and cold, and as it warms up, will drop a cylinder.
You must make sure that the choke plunger moves freely in its port in the carb, and that there is no debri in the bottom of the port that may not allow the plunger to seat fully. If it does not seat, it WILL leak fuel, and richen the mixture. I adjust each cable so that when the choke lever is in the "off" position, you have about .030-.060" play in the outer cable housing when you pull the slack out of the adjustment barrel.
You must also double check the cables themselves. Not uncommon for one to be sticky enough so that the plunger spring is not strong enough to pull on the cable to seat the plungers.