It sounds like a classic case of fuel starvation, typically due to a blocked pickup strainer in the tank, an air leak in the suction side of the pump, or a failing pump. BUT, I have also seen exactly these symptoms from the points closing up, and since this is the easiest to check, I would do this first. Could also be other igniition shortcomings such as high tension leads or capacitor, but less likely.
John


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