Looking for help rough running

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Frankly I don't believe it's a fuel issue but who knows?
And your ignition sounds like it's all new, fresh and clean. What is it timed at right now? I would imagine yours needs a bit more advance than the book calls for, especially without the vacuum advance?
 
Take your carb cleaner or brake cleaner can and soak everything that ever had vacuum in it from your vacuum advance to your brake booster, carb, emissions valves, everything. If you find the leak then your rpm will increase.
Any chance you got a tank of bad gas?
Run the valves again and if in doubt set them up on the looser side. Do each one at TDC compression...
 
Any update Gary?
 
Looks like I had a distributor problem. I couldn't think of anything else. I bought a name brand HEI distributor (non-Toyota) but with my dual battery setup there wasn't enough room to shoehorn it in in the proper alignment. I bought a used stock Toyota distributor, installed it and set the timing and it's been running great since then. I have no idea what was acting up in the original distributor.
 
my 40 was just like you described, I mean word for word. It could rev up when I gave it gas but the miss was so bad it had no power, and plugs #3,5 & 6 were wet. I loosened the distributor clamp and rotated it a few degrees while it idled, it smoothed right out and it’s running like new.
 
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