I vote for a dirty carb and fuel problem. Sounds like a jet or passageway in the carb plugged up. Get a gallon can of berrymans carb soak and soak it for a day. Blow out all passages and jets with air compressor. Get a kit and replace needle valve and gaskets if you need to. You probably had some rust in the tank affecting the flow. Get rid of any inline filters. Pull the bottom plug in the carb and you should have a good flow for 5 minutes into a hose and 5 gal. gas can. At least take it apart and spray out all the passages and jets with a can or 2 of carb cleaner and then the air. You can get by without a kit if the needle and seat are ok but a kit is cheap.
By all means replace all the electronics to rule out those problems. Not that much money. Coil, points, condenser, rotor, dist cap, check the wires, and check the plugs. Don't piecemeal cause then when the problem comes back next year, you will wonder what to replace now. Replace them all now and then you should be good to go for a number of years. Keep the old ones for spares.
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Today's Featured Article - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
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