Well, I have done everything I can to get this car running well and I think it's all good now. After adjusting the valves hot, I set the carb with the vacuum gauge, put the electronic points back in and adjusted the timing to about 8 degrees advanced. She runs damn good now, no more random back fires or noises. Seems to have pretty good power and idles as smooth as can be, what else can one ask for? A lot was learned during this process, thanks for everyone's help and suggestions, now to move on to the next issue - drive drive drive!