Minor update. Like I said before I was having a misfire. I decided to just replace the distributor and plug wires at the same time. No messing around. I had suspected that either the distributor or the wires were a problem.
Anyhow, I went to fire it up yesterday and it was MUCH better! It sounds healthy now. If I get around to dragging it back out today I'll try to post up a video of it running.
Has good oil pressure, running about 50psi at idle, warm.
Having a tough time getting it to idle down but I haven't played much with the timing and basic carburetor tune. I can idle it to about 900 then it starts getting inconsistent. I'm sure the timing is way off though so once I have haia chance to actually tune it a bit it should be good to drop into the car.