Try pulling the center coil wire from the dist and have someone crank it over while you hold the end of the coil wire near the intake manifold to look for spark. This will tell you if you are getting spark out of the coil.
If no spark, chances are your ballast went bad.
If you flood the car while trying to start, there is no need to wait for an hour. Just put the gas pedal to the floor, and hold it there while you keep cranking it. The excess gas will get pulled through the motor until it is lean enough to start. By holding the pedal to the floor, no more gas will get through and the throttle plates will be open allowing any excess gas to evaporate or go through the engine. A flooded engine will be able to be started this way within one to two minutes of cranking. Remember to allow the starter to rest after 30 sec of cranking so you don't burn it out. Keep the pedal to the floor while giving the starter time to rest/cool if necessary.
If you get spark out of the center/main coil wire, put that wire back in the distributor. Gat a spare spark plug and disconnect any other wire from the spark plug and put the spare plug on the wire. Hold the bottom electrode of the spare plug to a ground/intake and look for spark. If you get a good spark, then maybe your timing is off or you are not getting gas.
Check for gas by stroking the gas pedal a few times and looking for gas to squirt down the carburetor.
If you get gas, spark, and air, the engine should start. If you are getting all three and no start, your timing may be too far out, check your distributor. Put the engine at TDC and line up the rotor with that particular spark plug wire on the distributor and try cranking it over. Try advancing the distributor a little at a time until it starts and then reset timing with a timing light when started.
Do you have points or electronic distributor. Could your points have gone bad/ out of adjustment. For electronic distributor check the reluctor gap in the distributor and gap to spec (about .007" - .010" verify spec). I had an electronic dist where the reluctor gap was .030 and it wouldn't start when warm, only cold. after putting reluctor gap to spec it ran fine.
My initial instinct from your information, I would check the ballast resistor.