Gm hei

My old TP70 ignition CPU seems to have finally given up. It was installed by the PO when the car had a /6. Since doing a V-8 conversion I've had nothing but trouble from the ignition system. I finally got a new Proform electronic distributor and wired up a GM HEI unit with a NO Ballast required coil.
The car starts but won't run below 1500 RPM. There are no vacuum leaks, the carb is new as is the fuel pump and filter. These are all items I've replaced trying to get this thing right.
I had too crank a little more advance in the dist. to start the engine and when it's running shows 30 deg at 1500 with no vacuum advance hooked up.
Alternator is putting out about 14.5 volts. Regulator is mechanical and only shows 7 volts but now I realized when I checked it I had the probes on IGN and FLD. I think I should have checked each to ground? I'll try that tomorrow.
In the mean time, I'm looking for suggestions as to what the culprit could be.