Pete, I think your strange problem might be very closely related to mine.
Had a breakthrough after my last post because I tried a different timing light. My dad has a very high-quality metal light with a metal-cased pickup coil; mine, which I've been using all this time, is all plastic.
Anyway, I put my dad's timing light on the coil wire like usual and lo and behold, the ignition signal looked perfect. No blink-outs whatsoever. I watched it while the engine shook and stumbled and died and there was never a hiccup.
So, all of my tests now point to this not being an ignition issue. That leaves mechanical and fuel.
Since the compression is excellent and I've been through the valve adjustment many times, AND last night I went over the manifold and carb with a propane can AND a water mister looking for vacuum leaks and found none, this looks like fuel and not mechanical.
As I've said the carb always has gas in it when I take the lid off and I set the float heights meticulously. Confirmed yesterday that all passages are clear. The fuel pump moves a good volume of fuel when I disconnect the line and spin the motor...
I raised the float height 1/64" to the upper limit of the spec, no difference. Then I took the bottom off the fuel pump to examine the little valves inside. There was a sort of skin of stuff in there. This pump was on the car when I bought it and the valves were sticking shut at initial startup. It has trouble drawing the tank down the rest of the way when it hits a quarter tank. Maybe it isn't delivering the necessary volume when I can't see, or the necessary pressure, which I can't test. Either way, I'm replacing it ASAP and we'll see what happens.
There are two plugs on the rear of the carb bowls labeled as "sight plugs", and though there is nothing in my info saying the fuel level should be close to or flush with those plugs, it appears to me to be considerably lower than them. Also if the fuel level in the carb is low it accounts for why I have to open the mixture screws out so far. Feeling optimistic
1954 Crestline Victoria 312 4-bbl, 3-speed overdrive