Andy, hate to bring this example up, but I have a '40 H that ran like a top until last year, when it kept missing on a cylinder. Tried everything in electrical, tried adjusting the valves, just could not get it to run right.
Then followed some advice, and found that the intake valve guide was worn and leaking oil. Intake stroke sucked it in like a pump. Compression test wouldn't show any problem, 'cause it sealed on the upstroke just fine. Yet fouled the plug so fast you wouldn't believe it. I changed the head with another, and the problem vanished.
I HOPE it's something else, but when you check the valve train, see if any of the intake valves have any side to side play. They should be tight. If you find play, you need a valve guide job, or a new head.
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