That may be a bit much for a shade tree mechanic....
First check the linkage on choke. If correct then ....
Do this. Set the timing at 12° BTDC as usual. But don't lock in distributor.
Get someone to rev the engine up to above 2500rpms.
Standing in front of the engine slowly turn distributor counter clockwise to advance the timing just a fraction.
Now rev the motor a few times and see if the sluggishness goes away. If not repeat until you get it to act correctly.
Lock down distributor. Adjust idle speed as required.
Think im going to just do your method of adjust, run it, adjust run it. The only problem is i have to alwait for it to cool off. Its a tight area that even peter can go in when hot.@Peter Gozintite
Not sure what the reading on that is.
But know this, if that harmonic balancer has some age on it, the rubber cushion in the middle can fail and let the outer part with the timing marks on it slip out of place, making it impossible to get the correct timing. You will think it's where you want it and not understand why it isn't running right
You can bring the #1 cylinder up to top dead center by taking the spark plug out and turning the engine over by hand (like put a screwdriver in the hole so you know when it's at the top) and get it to TDC, and then see if it lines up with the zero on the balancer. If not. Then put some timing tape on the harmonic balancer at 0 degrees on the pointer. And then time it up.
Took it out last night and ran it hard. It took everything in stride. Need to make some minor adjustments to th3 clutch.