It would take a few seconds with an ignition oscilloscope to see what's going on, but I'm guessing you don't have access to one.
While worn distributor bushings are not a good thing, I DOUBT they are causing the problem you are seeing.
I would suspect a fuel issue, or possibly a "thermal" coil or condenser.
As a "down and dirty" test to see if the shaft play is causing your problem, you could try increasing the point gap a few thousandths, then decreasing it a few thousandths. If one way or the other makes it run better, that would tend to point to lots of shaft movement and when the housing warms up and expands a bit, along with the wobble, the changed point gap gets out of the range in which the points will close, then open up to create a spark.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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