Along with your compression check, check the coil, distributor shaft wear (make sure it's not sloppy in it's bore), cam lobes for the points (no excessive wear or build up of grease), condensor, etc. A small ignition problem from the base of the low valtage side can simulate a flooding carb along with unstability and no power. I assume new plug wires and you've checked the resistor to the coil for power losses.