Start with the basic, timing, vacuum hoses, vacuum advance, be sure they are set and working. Make sure the mechanical advance is free and working.
I would rebuild the carb just for piece of mind. The kits can be had at any local parts house (around here anyway) and the carb is one of the easiest to rebuild. Clean it three or four times using small copper wire to clean the ports. If its not clean, you wasted your time.
You should see 12 to 14 ( US ) miles per gallon, I wouldn't expect more then that. With a clean carb, it wouldn't hurt to add fresh spark plugs. This would also be a good time to check the points, plug wires, and condensor.
Joe
