We continue to investigate properties of the worldsheet conformal field theories (CFTs) which are conjectured to be dual to free large N gauge theories, using the mapping of Feynman diagrams to the worldsheet suggested in [1]. The modular invariance of these CFTs is shown to be built into the formalism. We show that correlation functions in these CFTs which are localized on subspaces of the moduli space may be interpreted as delta-function distributions, and that this can be consistent with a local worldsheet description given some constraints on the operator product expansion coefficients. We illustrate these features by a detailed analysis of a specific four-point function diagram. To reliably compute this correlator we use a novel pertur...