I think you are on the right track that the extra 5° cold advance might be pushing things over the line. 47° @ 2200rpm sounds like too much advance to me (just a gut feeling, so take it for what it's worth). Maybe you can cancel the cold advance and see what happens? Strikes me that with this much advance, the rotor's not going to be anywhere near the applicable cylinder's cap terminal and you may be getting spark misdirection under the cap. There are a couple things you can do to maybe get a fix on this. You might want to experiment with one of
these wide-contact distributor caps. They were released in a package also containing a rotor with a narrower tip and a better-insulated coil wire in '62 to cure a cold/wet no-start condition on slant-6 engines caused primarily by improper spark jump under the cap. I wish someone had ever made these caps with brass or copper contacts; the factory used aluminum and it works OK but copper or brass is better, longer-lasting and more corrosionproof. The link above is to a kit of parts you don't need; contact the guy and ask him for just the wide-contact cap if you want to try it. You'd want to narrow the tip of a NAPA Echlin long-tip rotor # MO-3000 a little, say by 2mm on each side. (In case you're wondering: By 1966, the wide-contact cap and narrow-tip rotor had been superseded to narrow-contact caps and standard-tip rotors, but made out of better-quality materials than the initial-production caps and rotors that had caused problems.)
The other option would be to pick up a couple more rotors, selected for their tip configurations, and do some rotor component switcheroo to wind up with a rotor that has a tip "winged" on the leading edge. It's difficult to describe this in print...basically imagine looking down on the rotor from above, with it pointing to 12:00 position. Now think if the tip of the rotor were extended laterally to the right such that the end of the rotor were about double its present width, but only to the right. There are a few sources for candidate tip-swaps, and they're not hard to do; let me dig up some P/Ns for you when I get back to the office. This might well be the preferable way to go, since you could then use a cap made out of modern, higher-dielectric materials and good copper or brass contacts.
As to why this happens with the standard-tip plugs and not with the extended/projected-tip plugs...? Got me!

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