Allen,
I think you might be confusing yourself. Although your meter can check the primary side of the ignition, points etc it is of no value on the secondary side. Without doing anymore checking, I would replace the points and condenser and rotor. Take your time and set the points perfectly. Fire it up and see what happens.
The valve train can't be ruled out. If the R&R of the ignition components doesn't cure your miss, you might end up removing the valve cover for a look. A simple compression check before pulling the valve cover might not be a bad idea.
Sometimes the checks with meters and timing lights only confuse the issue. When you have the distributor cap off, wiggle the distributor cam and make sure it isn't doing the hula. Good luck.
Stuart
