Jod, while it could almost anything, it has all the earmarks of a high resistance ignition switch or [poorly grounded distributor] coupled with old gasoline. ~Before we give you a long voltage testing sequence I will give you a quick test... First thing to try is to make a 14 gauge jumper wire that will run from the starter big battery cable stud to the coil [ign switch side] terminal. Then just before cranking, install that jumper & see if it starts better & stays running [if so, your problem is probably poor wiring, corroded wiring connections, or high resistance in the ignition switch [common problem on the 40]... If that doesn't help, do the same test & use your volt meter set on DC voltage & set to read in the 6 volt range, then place one lead on a bare metal contact area on the block & a bare metal contact area on the distributor housing & see if it shows a voltage reading over about .25 volts during cranking, if so remove the distributor hold down & clean the mounting area so it has a good ground contact, [another common problem on the 40]... ~If you want to work your way through most of the problem areas, start by making sure the points are not oxidized & set to .020", then make sure the ignition wires are solid metal core [not TVRS carbon core] , then install new H-10C or H-12 spark plugs gapped to .025", then look to make sure the coil has the same terminal [+ or -] going to the distributor as the battery has going to ground. That should cover the basic ignition system. ~Now move on the fuel system, open the carb bowl drain make sure you have a pencil sized stream of fuel flowing for AT LEAST 30 seconds, [if not find out why]. Then install new gasoline if yours is old or has been stored for a while. It wouldn't hurt to see if the choke is completely closing & the carb inlet elbow drain strainer [in bottom of carb inlet] is not plugged or painted shut. ~If it still acts up when starting, move on to some basic voltage monitoring...Start by turning the ignition on & checking the battery voltage at the battery posts [you need that for comparison], then with the ign still on measure the voltage at the ign coil [ign switch side] it should be within a .2 volts of battery [points closed] & the same as battery voltage points open [if not see above for S/W resistance & wire corrosion], then crank the engine & see what the coil voltage is during cranking [ign switch side ], it should be 4.5 or above. [if it's low see what the battery voltage is during cranking]. If ok so far move your voltmeter to the distributor side of the coil & measure the voltage there, it should the same as the ign switch side [points open] & under .4 volts [points closed] if not see above for distributor ground & point oxidation. ~If all ok so far take an old [good] spark plug & open the gap to 3/16" & install it in one plug wire at a time & crank the engine [leave the old spark plugs in the engine] & see if a blue spark jumps the 3/16" gap multiple times in a row, if not pull the coil wire from the cap & hold it within 3/16" of the block & crank the engine & see if you get a multiple blue spark there. If you don't measure up here install a new condenser & re-test. If you still don't measure up here post back on where the spark isn't doing it's job [including the spark color]. ~If all the above doesn't show a problem or it tests out ok but still acts up, run a cold compression test & post back for more places to look.....
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