[Hot Rod Reverend]

It is hard to diagnose such things from afar, but you did a great job in outlining all the work you have done and what you are experiencing. My instincts tell me that this is an ignition problem - the above posts are great places to start, but if you are sure your valve timing and valve lash is correct then you should have compression in each cylinder up to snuff. (those readings above sound fine) You are obviously getting fuel. Your spark is way too weak from the spark plug readings you are getting - that's my vote. I will say this - trying to find quality ignition parts these days for points, condenser, etc, is very difficult. I have had friends that have purchased brand new parts such as these only to have them fail within 30 miles of use or just put out a weak spark. While many guys are running pointless ignitions these days, those that are running points look for NOS parts because of the lack of quality control.