Hello Everyone,
I am pleased to be reporting back that my car troubles have been solved! I am so happy with how my engine runs now, hot or cold it's a pleasure to drive. I ran into a very knowledgeable gentleman at a car show (Jeff). I explained my symptoms and he instantly diagnosed, didn't even have to see the car. Recall in my earlier post that I had attempted to check the timing with a timing light and never got any sensible readings. This is because I was using the Pertronix ignitor, In addition to the Pertronix sensing the magnet wheel that gets installed on the distributor shaft, it also picks up interference from the EMF that is put out by the spark plug wires. All that "noise" sets the Pertronix off at random times, indeed that was what I was seeing with the timing light! I brought my distributor to Jeff at advanceddistributors.com and he re-built it and installed a set of iginiton points, he also re-curved it to be compatible with modern fuel. My initial timing is now set to 14 degrees BTDC as he suggested.
The difference was dramatic, the car starts almost instantly now, previously I had to crank for 10 - 15 seconds to get it running, The engine revs much quicker and the car will sustain 50 - 60 mph. I can let the clutch out from a stop at idle and not kill the engine. I've had this car for 7 years, and it's like I'm driving it for the first time, I never knew that this was how it's supposed to feel, I had no prior experience with cars from this era. I hope this post helps someone else!