A new air cleaner isn't going to drastically improve performance. A new air filter would if the old one is gummed up and plugged. A basic place to start with any unknown engine is get the timing determined (initial and advance curve), spark plugs gapped properly (wires, plugs, points too if need be), verify idle speed, and check for any vacuum leaks.
Cap\rotor only need doing if they are in bad shape, coils usually don't go bad at all so no reason to focus there unless you're having serious ignition issues.
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