It's always a process of elimination.
If the points/timing are set right, then move on.
Checking the cap/wires would be next. Watch the engine run in the dark & see if there is a 'light show' with your HV. As I recall the Pontiac inline had a wire loom between the distributor and the head. There may be shorts there or a bad wire or two. If OK move on.
Test compression noting the color of all plugs. Light=lean, dark=rich. If you find a wet/fouled one with good compression theres your bad wire etc.
Good luck, John M., #3370
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