318 Wont idle

Squirting just a mist of starting fluid at it when its about to die brings it back to life.

The timing light flashes, albeit erratically, right up until the engine dies.

If my slow brain is putting together what your getting at, i need to take another look at the carb....yes?....

Exactly,
Now you know for sure it's a lack of fuel problem in the idle circuit.
Could be a vacuum leak, or the carb.