having reread the op it almost sounds like it has an exhaust restriction with excessive backpressure. I don't believe it had a cat converter in that year so I would rule that out. is the heat riser on the exhaust manifold sticking shut?

I still think it is electrical. my first response has valid remedies.

what is going on with the choke? is it stuck shut?

Is there any smoke coming out of the tailpipe? If so what color? are there any other symptoms?

I have on occasion had a bad set of points and/or condenser. I was at a loss trying to fix other problems like the initial timing etc... and then just for grins I replaced the distributor with a dual point. it cranked right up and ran smooth. I went back and looked at the points and sure enough the contacts had worked loose on the breaker arm, but were still hanging on so when I was adjusting the points it looked fine. I popped the original distributor back in because the dual point didn't have vacuum advance and it really killed the mileage. It purred like a kitten after the new points were in.