Puff Out Through Carb During Starting (Video)

It's electrical, IMO. Like an MSD failure. It's not uncommon. I don't know how to test for it, though as I've always tried to steer clear of MSD stuff. I've used it in the past and worked on it for others, but I've never really cared for it. Some people swear by it and good for them. I never have. DO you have a points type distributor to throw in and just try? I bet it'll run fine then.
It is one of those HEI "Ready to run" getups, which has run great for about 5 years, but I think you are on to what it is. I have a points Dist I will dig up after church tomorrow and give it a go. I appreciate all the feedback!