It would take a few seconds with an ignition oscilloscope to see what's going on, but I'm guessing you don't have access to one.
While worn distributor bushings are not a good thing, I DOUBT they are causing the problem you are seeing.
I would suspect a fuel issue, or possibly a "thermal" coil or condenser.
As a "down and dirty" test to see if the shaft play is causing your problem, you could try increasing the point gap a few thousandths, then decreasing it a few thousandths. If one way or the other makes it run better, that would tend to point to lots of shaft movement and when the housing warms up and expands a bit, along with the wobble, the changed point gap gets out of the range in which the points will close, then open up to create a spark.
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Today's Featured Article - A 1937 John Deere Unstuck - by Gary Hickman. Here is my story of how I got the pistons out of a 1937 JD B that the engine had been stuck for about 14 years: About 12 years ago my Dad gave me one of the tractors I ran as I was growing up on our farm in central Nebraska. The engine on this tractor, a 1937 John Deere "B", had been stuck for 2 years before he gave it to me. This last spring (1999) I hauled the tractor to our 2 acre lot in St. Libory Nebraska where it joined my antique machinery collection, at that time a 1929 Caterpillar T
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