what numbers are you putting down ?
a cheapo vacuum advance HEI distributor can do alot. never heard of someone gaining horse power from a disrtributor change...when it was setup up for the application correctly. a correct advance curve is the key.
if this is the elusive demon problem from hell, put a gauge on everything and tape them to the windshield. then go driving. you want to see fuel psi, engine vacuum / ported vaccum, oil psi, exhaust temp, the damn coil voltage, etc....find out what is going on.
unfortunately a vacuum curve will not do anything for your dyno #'s. but if the vacuum isnt set correctly its possible there are other ignition faults.
many years ago, i built a 350 performer package, self worked iron heads, PAW kit, 600 cfm holley, 9.5 to 1, summit headers, stock type HEI. made 260-ish hp at the wheels on a dyno.