The distributor is a centrifugal advance type. I checked that as described in the maintenance manual and all looked fine.

I checked out the timing with a timing light. If it is off it is real close, I need to get in there with a mirror so I won't take my head off with the fan blade.

We thought an air leak somewhere like in a vacuum line might be the cause. I tried the old trick spraying starting fluid around the joints to see if it gets sucked in a revs up with no luck.

Again with the problem, it idles fine but if you stomp on it it will just die without a fight. Almost like the gas has just been taken away all in one shot. While it idles it will cough and it is not in any pattern....

hmmm..