Don't forget there's a mechanical advance as well as a vacuum advance on the distributor. Is the mechanical advance operating as it should? The (additional) vacuum advance is required mainly for combustion of lean mixtures produced by a partial and /or trailing throttle...e.g. cruising or on over run down hill etc
From your description it appears that the non revving issue is a combination of timing (incl advance) and carburettor. The lack of revs could well be that the float valve is stuck and the float level is incorrectly set. You need to physically bend the float arm to get the correct level...at the same time keeping the float as flat as possible. There used to be a special tool for this ... a 75mm strip of aluminium 2mm thick and 7mm or thereabouts wide with a 3mm wide transverse slit extending about halfway across the strip from one side and located about 5mm from one end..if that makes sense? You position the slit the over the float arm and bend the float arm against tool rather than putting prressure on the float valve which is a bit fragile.
As advised elsewhere, bend the float while the engine is idling and the vacuum passage is blocked off to get an even idle at 500 rpm and measure the depth of fuel in the float bowl from the top of the bowl without the gasket in place.
One of those thin 6" engineers rulers with a piece of carboard attached as a sliding "saddle" is ideal... slide the ruler down until it just touches the surface of the fuel and slide the cardboard along the ruler to the top of the bowl read off the value... the fuel surface should be 15.8mm or 0.62" below the face of the bowl
(I once had a torana 173 which was for all intents and purposes the same as the 186 engine. One time driving it to Adelaide from Canberra and it would not do more than 45 mph across the Hay Plains

Any faster and it would cough and almost stop but cruise all day at 45mph... it was only 6m old! Sure enough it was a dud float valve setting which I managed to fix with a small metal ruler in the basement carpark of the pub we were staying at... It cruised at twice that speed going home

but that was >40 yrs ago


Lesson learned re. float levels.)
If you can get to a public library... Gregory's Manual#84 on the LC-LJ torana has all the info for all the Holden 6 cyl engines from 138-202.
Couple of other things: get yourself a decent timing light from supercheap and a vacuum gauge for setting the idling screw.... they're indispensible!
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