Before you do anything, try disconnecting the vacuum advance and raising the initial. I've had a couple vacuum advances also advance during wide open throttle especially if your running them on ported. Frankly those things are more trouble than there worth. Try reading tune up books by people like Smokey Yunick, Zora Duntov, Bill Jenkins, Dyno Don Nicholson, and my favorite Roger Huntington. Roger was into Pontiacs but Pontiac engines are close to the same thing as the 400 cube Chevrolet small block but the Chevy has better heads.
Try different advance weights. Get rid of the vacuum advance and turn up the initial. Thats the beauty of running a sensible compression ratio. I have a 427 that is 9:1 compression and I run 22 initial, no vacuum advance, it runs best on 87 and has tremendous torque from idle to 6500.. In the single points distributor remove the vac advance and secure the points plate to the distributors frame for better mechanical points performance. I also remove the adjustment spring and put the exact amount of washers to get it to 28-29 dwell. Then use the points to trigger a Capacitor Discharge amp. You'll have one of the best ignitions going. There isn't a inductive discharge ignition (Points, HEI, Small body, there all the same thing) that can come close to the lighting speed of a Capacitive discharge ignition. With ignitions its about how quickly the ignition can fire the next plug and not how much power it gets.
I wonder why nobody used magnetos anymore. I had a Ronco Vertex from Bule Bell, Pa. on a 64 GP with a 421 and man did that wake that engine up. It was given to me by an old man who lived down the alley from me. He used to race Pontiacs.
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