If you have good compression, and have rebuilt the carb, then you have 2 of the 3 "ingrediants". How about the ignition? Vacuum advance (if it has one) working? Distributor plates stuck? Coil and condensor matched for impedence? Wires and plugs correct (not both resistive)? Timing where it should be? Also, correct thermostat installed and working? That engine should run great on 87 octane.
Jon.