You can never become a mechanic by utilizing this forum without realizing this is just a forum, and nothing else. It's someones opinion, albeit well meaning, without knowing anything about your car. It's simply an opinion, or guess, without any real knowledge of what you are trying to put into print.
With that said, ALL engine problems begin with a compression check, however timing chains MUST be tight for a real timing check result. Period. Many "tune ups" and engine issues cannot be solved because the owner refuses to replace the timing chain, and can't believe the compression may not be right. This is the beginning process for ALL engine issues. Once this is corrected, or determined to be correct, you can move on. Now, you replace the plugs and wires. Stay away from those exotic platinum, and other types, they are not suited for your application. Just normal plugs of your favorite brand. My suggestion for a Ford is Motorcraft. Wires,,, none of that cheap chain store crap. It's ALL garbage. Again use Motorcraft stuff. (my opinion) Same for cap and rotor, and points. Start with points, you can upgrade later when the engine is running as it should.
When the cap etc. is off the distributor, remove the small cir-clip on top, (DON'T lose it!) and remove the cam, and breaker plate. Distributors need attention too, and never get it. Check the weights, and springs (one is looser than the other). Check for wear on the slots, they are usually worn, and the advance won't move freely, causing several driveablity problems.
Put it all back together, and run the engine until fully warmed up, set your curb idle at 600 rpm, remove the distributor vacuum line, and set your timing at the spec called for. At this point I must go back and say to check the harmonic balancer when it comes off for the timing chain, and look it over VERY carefully! It may be, well, will be worn, and the rubber might be slipped. This makes true timing readings impossible, and will require a new or rebuilt balancer before any thing else can be done. I would say that any balancer that is 50 years old, or more is junk.
Now when this is done, adjust your carb, cold and curb idle speed, and take it for a drive. Odds are, it will be good. If not, come back online
As a side note, stay away from the "racing stuff" you are not building a racing car. And don't modify, or change anything from original at least until the car is running okay again.
And don't whatever you do, stick your face, and your timing light into an engine running at 2500 rpm!!! You can get very seriously injured. Don't take the chance!
Carbs always seem to get the bad rap, and everyone is an "expert" on them. It's kind of a macho thing, like using a chain saw, or going hunting. I do about 30 carbs a year, and for the most part enjoy it, but while doing one, if I don't find anything wrong with the actual carb, I will NOT guarantee the work. Why? because it's not a carb issue that's causing the problem. Actually, I will feel the guy out first, and decide at the beginning if I will do the carb for him, or not.