Update time.
Got my new distributor this week and as predicted initially I was not really impressed, that's what you pay for I guess. However, when I took it apart all the components seemed a lot tighter and the pickup didn't wobble as much as my old one. Was able to add a washer from the old distributor between the collar and the housing of the new distributor so there is next to no vertical shaft play. Checked and cleaned the spark plug wires and although there is some variation in resistance, they are all good. Also tried the water spray check and no sparks.
Timing still jumps around a bit, although I think it does it less, but I will look into that shaft collar some people mentioned (I doubt my local auto parts store will know what I will be talking about). Set the timing around 15 degrees BTDC and adjusted the mixture for highest vacuum. It seems to run better now. Road test will have to wait because I first need to get it through the vehicle safety inspections.
Thanks again for the help.