Update:
Got it to run, carb seems ok. After 45 min of running and a short test drive, it doesn't pull very well. I replaced cap, rotor, wires, points, and condensor. Doesn't run much better. I attemped to adjust the valves, all the exhaust were tight and the intake's were loose. All the new plugs were dark and sooty. I need to ck dwell and timing, so I'm looking for a timing light and dwell meter. By the way I tried a product from Kano Labs (the Kroil people ) called exorust. You dilute it with 3 parts water and soak rusty parts for 1/2-3 hours. It pulled the rust off of my master cylinder, some brackets and bolts in about 45 min. Worked well.
