Fried ECM
So anyways I figured it 's time to bring this to date. Ended up buying a new, stock points distributor from rock auto. With no luck tracking down the issue, and no luck with the HEI system. I decided to go back to basic OEM style ignition system. The new dist. came with new cap rotor points and condenser. Installed new spark plug wires and she fired up first try with a small adj. for timing. This is what I installed.
More Information for CARDONE 843816
Next will be to road test, not today as it is raining. Bitter sweet solution, with no real answer to the original question. I'm sure if one of you guy's were here. you've figured it out in short order.
Thanks everyone once again for the support.