Well I adjusted the valves again yesterday, .008 intake, .012 exhaust (hot) and it quieted right down. Today I tore into the distributor, the points were a little pitted, but not bad. The fun part was the centrifugal advance! it was completely covered in spider web! so that got all torn down and cleaned up. Timed it with a vacuum gauge, now it runs like a top, plus the engine seems much smoother at all speeds, and nearly silent at idle. But of course, every silver lining has to have a cloud. When I lay on the gas, the thing leaves an enourmous cloud of oil smoke behind it, and seems to do it at idle too. So now for a compression test, hopefully it didnt get damaged somehow...