Hats Off to Automark! I ain't out of the woods completely, but I'm making progress thanks to your persistence. Part of the problem was indeed flooding and I've got that solved. Another part was that the points (maybe I got a wrong set somehow) would not fully open. I filed a larger slot in the base of the points to allow them to move futher on the cam screw and that solved the dwell problem. I've re-timed it now that the dwell is holding.
The final hurdle is that it now runs rough and not well when accelerating under load. Could it be that one or more of the valves are too tight? Or what? I think I've been over run by a tribe of gremlins - not just one boogie man.