Cranks but won't start. Unplug ground at field spade on Alternator and it starts?

Took single point distributor out, move vacuum advance plate around to make sure its seated, opened up point gap (by eye), now ignition seems to be working right. If I rev hold RPMs up to bottom out mechanical advance (around 12 degrees slots welded short) timing is rock steady does not move. Seems to bounce around 1-2 degrees or so idle lower RPMs.