Thanks for the help guys. Sounds like I need to check the folowing:

Valve adjustment

Ignition

Timing (I had checked the ignition timing and set it to 12 degrees BTDC, but never considered rechecking cam timing)

Just out of curiosity, has anyone ever switched over to an older Ford 1600 points distributor? Would that be IT legal? (Not that would be too critical in the short haul as an open track car). I run a points distributor in my Fiat 128 vintage racecar, and it has been reliable up to 9000 rpm.

Thanks for the help- I'll keep you posted.

Marc Frost in Indy