"Dave.... Although I could sin
"Dave.... Although I could sing like Jim at one time, the name is Joe (grin).
Check the points.... remove the flywheel, clean the points with either laquer thinner or acetone, set to .020 with the rubbing fiber portion of the points aligned with the flywheel key.
Be sure to torque the flywheel nut to exactly 105 foot pounds, otherwise the flywheel key will shear, throwing the engine out of time. Should this happen, clean up the flywheel and crankshaft tapers before attempting to install the flywheel.
Many of those older engine suffered what is normally called armature plate rock. See below.
(Magneto Armature Plate)
If the armature plate has a a loose fitting, wobbling motion (the plate that the points, coils etc are attached to), it is usually caused by a slightly worn support ring. This allows the point setting to change erratically as the armature plate turns.
The cure is to remove the armature plate so that the support which is attached to the powerhead with 4 screws is visible.
Then, with a screwdriver and hammer, or some tool of your choosing, and looking straight down at the support ring, make an indentation at what would be called the 12, 3, 6, and 9 O'clock positions.
Install the armature plate and check for a smooth turning wobble free movement.
You may need to do that procedure a few times to obtain the proper fit (not too tight, not too loose), but it's worth the effort.
Joe (30+ Years With OMC)"