Could be a carb problem but I'd start right where you said - timing. Check the points first, should be set at .016", sometimes new points will rapidly wear in and go way out of spec in a hurry, always a good idea to check them. Then put the old timing light on it, remember to disconnect the vacuum line going from the distributor to the carb, and plug it. With todays fuels you can run more advance than the book calls for. As long as the engine doesn't ping under load in high gear, you're o.k. to advance as far as it will take. They seem to run stronger and get better mileage this way.
After you've done that, let us know how she runs and we'll go from there.
