I'd start off on an easier road by checking everything going on with the points.
I'd suggest static timing by lining up the "S" mark in the sight hole.
Attach a test light to the points (-) terminal on the coil.
Adjust the points to where the light almost wants to flicker between on and off.
I'm still in the stuck valve corner, and I'd probably remove the head for a looksee
just to remove all doubt.
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