Just to be sure we're clear on terms. An open choke is when the rod is all the way forward, meaning the choke plate is not impeding airflow. If the motor runs but dies when you open the choke, that would suggest that you either have 1) not enough fuel flow (I know it doesn't seem possible with your flooding issue, but it is) or 2) a vacuum leak above the carb.
As for fuel flow, loosen the line where it connects to the carb. Open the valve in the sediment bowl and you should have a steady stream of fuel running. If that's okay, remove (carefully) the brass elbow that the fuel line was connected to at the carb. The part you are threading out should have a fine mesh screen in it. Make sure that this screen is clean. Use compressed air, backflush, whatever seems best to clean it out.
For the vacuum leak, it will typically occur at either the joint between the carb and the manifold, or between the manifold and the head. Did you use a new gasket and snug it down well when you put the carb back on? Was all of the old gasket removed from the underside/manifold side of the joint? If you can get it running at all, one way to check for a vacuum leak is to start the motor and spray someting that will burn, like carburetor cleaner around the manifold at the places I described. If the motor should speed up or even out when you do this, you have a leak at the spot you were spraying at the time.
You mentioned hunting. Did you re-synchronize your governor to the carb after you put it back on? Find the rod that runs from the throttle arm on the carb to the governor arm. Where it joins to the governor arm, there is a clevis secured by a pin. The clevis adjusts the length of the rod by threading it on and off. With the motor off, pull the pin out of the clevis (which may take some fiddlin' in any event as they wear some and tend to rust in place, and don't forget the cotter pin or bent nail that holds the pin in place!). With your throttle lever back at the seat thrown all the way forward, pull the governor arm all the way to the rear, while also pushing the rod to the carb all the way to the rear. Adjust the clevis by threading it on or off so that the pin fits back into place with both the arm and the rod held to the rear. (It will help to clean up the threads with brushes or solvents first.) This is something that needs to be checked anytime either the carb or the governor have been off.
The last thing on the fuel side would be to re-check the adjustment of the float and to make sure that the needle and set are clean and unobstructed.
Over on the spark side, you may have new points but I wouldn't trust that they were adjusted properly or that they're clean. As Hugh pointed out, you may have a distributor of some sort that we don't know all that well. If it's an IH or Delco unit, your point gap should be .020". Shine them up with a folded up piece of whatever currency spends where you are. The joke here is that a five-dollar bill is more effective for this than a single. Don't know why it is, but currency paper and ink are pretty good for the purpose. Absent that, a couple of quick swipes with some 440 or finer grit sandpaper will also do the trick.
There may still be gremlins like a bad coil or condensor (or even the timing), but try this stuff out first and let us know how you make out.
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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