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 - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don�t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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