Sounds like it could be installed retarded a tooth. Before pulling it, try rotating it clockwise with the engine running to see if the idle rpm increases. I know he said the timing was "OK" but go ahead and try this. Get a timing light and check it yourself. No sense in pulling the distributor if you can get it timed correctly by rotating it. Oh yea, new points, condensor, cap, rotor, wires and plugs wouldn't hurt.
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