Ted - I ran into a similar problem with an IHC pickup with a 304 V8. It suddenly began running very poorly. A full ignition tune up did not make it any better.
Only when I put a dwell meter on the distributor did I discover the point dwell was wandering all over the place. Turned out the upper distributor bushing spun so the distributor shaft was wobbling. This randomly messed point gap and the spark timing.
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