...and no dice. Same symptoms. Initial timing set at 10*, and the thing runs like a dog. Took some cell videos while driving that I'll try to get posted later today. Grr. Bubba, I might just be sending you that distributor!
Thought I'd post this prior to going any further. Towards the end, you can really hear the stutter ( more like a knock in the ****py audio quality here)...but you get the idea. The running conditions: 3rd gear, accelerating from about 30MPH to 50MPH, with no more than half throttle. <object width="480" height="385"> <embed src="http://www.youtube.com/v/g89SI3sM6Hg&hl=en_US&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></object>
I'm happy to report the issue is resolved. Went in to double check valve adjustments (hydraulic lifters on this motor, btw), and when I pulled the plugs, 4 of them had cracked insulators. Replaced them, and whaddaya know...the motor runs great! It's good to have my friend healthy again. Thanks to everyone for your help, advice, and general knowledge.