If you're getting a good spark, and nothing is heating up, the points are burning normal, I would assume the ignition system is not the source of the problem. The only other thing to check is wear in the distributor shaft bushings, they can do some strange things.
I looked at the old post, said you had just got this tractor, and the carb looked like it had been rebuilt. Also sounds like it will start without choke even cold? That's not normal for an updraft. Possibly someone has been tinkering with the carb, and over did something that couldn't be undone, as in drilled out an idle jet, plugged an air vent, who knows...
Any way you can do a carb swap just to see what happens? I fought a carb problem on a Ford tractor, think it was a Holley, could NOT make it run right. Finally bought a new one from the dealer, different brand, solved all the problems.
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Today's Featured Article - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather’s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
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