You ask if the problem is electrical. Doesn't really sound like it, but a few things to check...
If you have an ohm meter, disconnect the wire from the ignition switch at the resistor. Disconnect the lead from the coil to the distributor. Connect the ohm meter from the resistor terminal just disconnected to the negative terminal of the coil. Should get about 3.0 ohms. If the reading is high, try reading without the resistor. Possibly the coil doesn't need the resistor.
Another test, reconnect everything, start the engine. Put a volt meter on the resistor terminal from the ign switch, other lead on good ground. Should read steady battery voltage, about 14 to 15 volts.
Also you can try playing with the timing. Just to say you tried, turn it a few degrees ether way, see if it makes a difference. But don't be tricked by an increase in idle speed. Adjust the idle back down to compensate. If the problem returns, adjusting the timing didn't fix it.
My guess is it's going to be compression/carbon problems. Have you adjusted the valves? If not, carefully set them, then check the compression. If there is more than 10 PSI difference between cylinders, chances are there are leaking valves and carboned up cylinders.
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Today's Featured Article - Gettin My Old Tractor Home - by Clayton Sweeney. My name is Clayton Sweeney. I am from Southern Maryland in a small town called Lothian. I am 20 and my father and I are the proud owner of a 1954 Allis Chalmers WD-45. When I was 18, I dated a girl in the next county over. Her family are tobacco farmers. It was a cold Thanksgiving evening, and we were going up to her Grandparents house. As we passed one of their barns, I noticed something orange in the corner of my eye in this old shed. It was pretty dark and I asked what it was
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