The lights on stalling is a key indicator that the voltage getting to the coil is being compromised. This can be from several sources. The battery can be going bad, (though willing to crank it, it may be low on voltage, bad cells can do it, as can insufficient charging). It may have a bad key switch with high contact resistance. It may have a bad connection at any point from the starter connections to the remaining electrical circuits, or from the key to the ballast resistor, or from there to the coil, or from coil to points. The fact that the lights reduce the total voltage would have me checking the charging voltage, and the battary voltage when off, as well as connections from the starter to the dash. Jim
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