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It does sound like it`s running out of fuel. If you don`t have a fuel pressure gauge it would be a wise investment to get one. Eddy carbs like about 5 psi fuel pressure. Being your running points that could also be the issue as many carb problems dianose the same as ignition problems. The best place for points is the trash. I would go with a HEI or get a conversion kit for the points distributor. If your running a mechanical fuel pump I would just use a stock replacement pump, make sure you pack the spring cavity with lube before installing it.
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