jfralick,
Welcome to the Stovebolt. I think the first thing I would do would be to verify my point setting and make sure the coil is connected with positive to key and negative to distributor.
It sounds like you are dealing with a weak spark, and pulling the plug wire from the spark plug allows the voltage to build until it jumps the artificial gap, then fires through the plug.
When the engine is running and you hold the wire away from a grounded component, it should jump quite a gap and show some energy and color.
Have you tuned the truck up recently, and if so, did you replace the points AND condenser.
Smarter folks are probably hiding in the wings...again, welcome and good luck.
Don't forget firing order...153624 clockwise on distributor.
Stuart
