Distributor Pickup test
Ok I wanted to update this thread. I pulled the distributor first thing I found was the pickup would touch the reluctor with just light pressure against it. Once I broke the connection it was set correctly at .008. I lightly pushed on it again and it stuck to the reluctor again. I took out the pickup and replaced it with the new unit checking the 3 leg clip / retainer. It was fine. After installing the new pickup the fit was a lot tighter and I could not move it towards the reluctor after setting the gap. looking the old pickup over I could see the base was warped also looked like the pin that holds it in place was not made correctly. I could have very easily bumped it with the the cap when installing it and knocked it against the reluctor. I re tested the ohms. 320 like. Used a cordless drill and multi meter to test it per instructions above. I got about 6vac.
I reinstalled the distributor. Double checked the MSD unit. After a little coaxing it fired up. Got it timed and did a little adjustment on the carb. Was running reasonable. Shut it off and restarted it 4 or 5 times. The engine seemed pretty hot and after about 30 minutes I shut it off and would not restart. I look into that tomorrow. Check cooling. I'll check the fuel return line and regulator. I don't think it was vapor lock though.