What's the fouling look like. Wet and oily is loss of oil control in the rings or possibly worn valve guides. Since you say it runs ratty under load, I'd suspect the rings. Valve guides leak oil mostly at idle and low part throttle when the manifold vacuum is high.If it's black and sooty, the mixture is too rich. Check the carb adjustments including the float level.
What does the spark look like? It should be FAT AND BLUISH-WHITE, the color of lightning. If it's not then check the point setting, the point condition( burnt, corroded, oily). Make sure the timing is correct and the advance is working. Check the distibutor bushing/shaft for wear.
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