Dissapointing performance

plug looked brown/carbon black

There is a lot of gold in that statement!

If it has headers on it, remove the exhaust at the collector and see how it responds. The exhaust is KILLING the engine and NOTHING you do with the distributor will fix that. As long as you continue on the current path, accept the rotten performance you've observed.

That engine with a good tune, decent carb and exhaust will make 420hp EASY!!!