Thanks Lee. I re-did the grease cup, helped some with the wobble, but still no fire. Finally put a multi meter on the condenser just because i hadn't done that yet and it seemed like it wanted to be 1.6 with my multi meter set on ohms and 200. Checked the manual, and it says that the condenser should be between 18 and 23 microfarads, and guessed that I was looking at 16 which was below spec, so I ran out and bought a condenser. The darn thing fired right up! Wish I had checked that earlier....
I had a list of to-do's if it ever fired up again, so I got to work. I had put coolant flush in there beforehand, so I let the thing run, and found that it didn't get over 180 idling for 30 minutes, oil pressure was around 15 and would rise with throttle, it never fell on its face when I hit the gas off idle, the vacuum advance needs to be replaced, have an oil leak at the fuel pump, and the clutch chattered a little (maybe it's just because it sat for 19 years, or needs adjustment?). I shot some MMO in the carburetor and couldn't get the thing to smoke in that whole 30 minute session.
Drained the oil and added fresh. Drained the coolant, and am still waiting for it to cool down enough to reverse flush it, but nothing gross came out after all that running, so I'm not too worried about it yet.
Now for the best part. I did a compression test (the right way, with a warm engine, plugs out and throttle mashed) and I have something that is worth driving for a while! It's not perfect, but it went from a cold reading of 55, 61, 70, 70, 75, 75 to an acceptable 100, 100, 110, 100, 95, 105!! The manual calls for 130, but I think I can live with an average of 101.
Thanks for everyone's help. I think the "diagnose, then correct" advice was the best. I was going to throw a whole new distributor plugs and wires at this thing to make it work, and it came down to diagnosing the bad part (condenser) and getting the timing right. I even used the old spark plugs after buying a new set...
