timing...

You can run a line directly to the vacuum advance on the distributor from the timed spark port on the carburetor, and bypass 2/3 of all that leaky old plumbing. (add a "T" fitting inline to connect the line to the charcoal canister purge valve).

As for the hard cold starting, every slant I've ever known was a little cold blooded. In your case, I would bet you may have a vacuum leak. Look for a vacuum line that is leaking when the engine is started cold, one of the thermo switches may stop the leak as the engine warms. One sure fire way to confirm this is to disconnect all the lines at the carb and cap their ports. Start the engine from cold and see if there is an improvement. Then, one by one hook things back up until it gets worse. Also make sure the choke is setting all the way, sometimes the thermostat gets crudded up and sticky.