Sounds to me like the points gap was set wrong LAST time someone tuned it up, and had to compensate for that by adjusting the timing. I'm guessing that all you need to do make it run now is to loosen the distributor and rotate it a bit to advance the timing. Don't turn it very much, and do it slowly. If you turn it the WRONG way, the engine will slow down. Turn it the CORRECT way and the engine will speed up. You'll figure it out.
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