Electronic Ignition Help

OK, so everything is wired up as per diagram and it turns out the other yellow wire on RUN does go to the IGN terminal on the voltage regulator. So thats all correct. I did replace the ballast, and the old one looked pretty fried. I checked the timing and it was waaay too advanced so I bumped it down to 5 degrees btdc. Still idles pretty badly. The module is grounded with 10 gauge wire to the firewall which is grounded with 10 gauge wire to the block, which was a factory ground. I have nothing running off the ignition feed other than the module and the wire to the regulator. The only other thing I can think of is gapping the magnet/reluctor, which I'll do as soon as I can find a .008 piece of brass. I work at a True Value hardware store, but we only have .010 and .005 unfortunately. My other thought is that I may have lost compression somewhere along the way. The float stuck on the freeway one morning and pretty much dumped gas down the intake for 15 miles or so. It never really ran the same after that and I was still running points at the time. I wonder if it washed out the cylinder bores? Even before that, there was pretty severe blow-by at all times. Its a new module, really clean distributor, new coil, new ballast, wired correctly. Rebuilt but original and unmolested Carter one barrel meticulously adjusted to specs. Timing at 5 degrees. So, I am sort of stratching my head here.