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I have noticed when I rev the 352 and 390 up in neutral both motors act like they are cutting out,it does not seem to do it when in gear going down the road. Both motors have new points and condensors so could both motors have bad distributors as they both have over 100,000 miles and I think they are the original. Jeff
Sounds like the upper bushing in the distributor is worn out and the dwell is walking all over the place. My 360 did the exact same thing after changing the points - couldn't get the dwell right and wound up getting another dizzy...
Check it out - grab the rotor on top of the dizzy and push back and forth towards the points - if the bushing is really bad, you'll actually see the points open and close ...
find someone with a scope watch the dwell line in rastor pattern if its moving all over the bushings are shot if it stays in line they are ok check the advaces both mechanical and vacumn