I don't remember what all was covered before, but...
Revisit the points. Check the distributor shaft for side play. If there is any wear the points will not stay set. They can do some strange things, close up at different RPM, overheat and burn. Points are a pain when everything is right, if not right they will die prematurely. Try an old condenser. Chances are the coil is good. A hotter coil will not be of any benefit except to the place selling it.
The compression is not perfect, but should at least fire on all cylinders. Did you check the valve lash and inspect the valve train? Check for broken springs, bent pushrod, rocker not moving or not as much as the others.
When it is running, what does the exhaust look and smell like?
Black smoke is too rich. A puff of black on acceleration is normal, but it should not sit there and chug black. Does the carb drip sitting with the fuel on, engine off? Will the idle mixture adjust? It must be idling slow, 400-500 RPM for the idle screw to have any effect. Most of the updrafts, turning the idle screw in richens it, out leans it. It adjusts air bleed, and has minimal adjustment capability. But if it has no effect, something is clogged or there is a vacuum leak, or it's trying to flood.
Eye burning, raw gas smell is a sign of dead cylinder misfire, for whatever reason, usually spark or compression.
Vacuum leaks. Check the manifold gaskets. Is that a siamese manifold? As in the exhaust is cast together or bolted to the intake? Sometimes they can burn through, have exhaust entering the intake internally. About the only way to know is take the manifold off, lay it ports up, carefully fill the exhaust with water, see if it runs out the intake.
There it is... The most common things, but there always has to be something strange. One thing for sure, it will be the last thing you try!
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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