Here's an update. I adjusted the timing with disconnecting the brown wire and set it to 6 BTDC - factory spec. I also drained the tank which I suspected to be the majority of my pining problem - I was planning to do this but did it sooner than anticipated because a new fuel filter plugged in about 50 miles. The fuel removed was yellow (the car sat for 4 years) like urine and had a fine black grit. Apparently it was urine!

Now the little beasty runs like it should. I took the little beasty out for a lil putt - got the speedo to 125 and decided to slow down.

Fortunately I live south of Phx and there is a stretch of destert road that goes for about 10 miles - and as luck would have it no one else was on it in both directions but me. (heehee)
I still have a minor issue with a slight hesitation when I take off gently from a stop light. Any suggestions on what to check?