Let us get back to basics. An engine needs THREE things to run. 1) Compression
2( A proper fuel and air mixture.
3) A properly timed spark.
Since you already have noted a problem with the spark, that would be the place to begin troubleshooting. You need a good strong spark in order for the engine to run right. A weak yellow spark simply will not do. You need a decent blue spark to run properly. Check for the correct ignition coil. Check the points for proper alignment, clean contacts, and resistance. Check the condenser. Any of these items can cause weak spark. Until you get a good spark, you are wasting your time to try to find the problem elsewhere. A general rule of thumb in fixing any problem is to repair the KNOWN problems FIRST. Changing plugs or checking distributor advance is pointless without a good spark.
Also, it is not normal to idle the engine down to 300 RPM. Stick with the manufacturer's recommended idle speed.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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