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Thanks for your reply.
Front mount distributor right next to cylindrical coil
Coil has a resistor and its been replaced as well. Resistor tests at .6 ohms
Yes, the fuel is coming out of the drain plug at the rate you suggested.
here the details of the coil and resistor
PARTS FORD Coil, Ignition 12V - Ignition Coil. This coil is used with an External Resistor if needed. Replaces OEM part numbers Case-International Harvester - 353875R91, 395331R91, 106230C91, 385403R91, AT10399, 189673M92, 189673V2., PN: D8JL12029A, $9.92, Qty: 1
PARTS FORD Resistor - For 8N, 9N, 2N, and 4 cylinder engines on 600 - 4000 tractors 1955-1964. Used in our 12 volt conversion kits. This resistor tests at .6 ohms under load through a distributor., PN: 8NE10306, $3.29, Qty: 1