In addition to what Joey wrote...
Did a compression test with pretty dismal results. I'm really surprised it runs and idles as well as it does. Hooking up compressed air to #1 made for a good breeze out the exhaust.
Put the distributor in the distributor machine. It seemed to work pretty well with decent cylinder-to-cylinder phasing (for points), a fair advance curve and a working vacuum advance. In went new points and condenser. It's really quite nice to be able to set the dwell with the distributor spinning.
Put the distributor back in the engine and couldn't get enough initial timing so it came back out so I could adjust the hold-down plate. Got the initial timing at 5 degrees BTDC.
Had a successful test drive.
Also, I have a 10" drum hub to which you're welcome if you don't mind the tack-welded wheel studs.