<VV> bogging down, sputtering

[Ernie Sanders]

I have a '66, 110, PG, Convertible.  Several years ago it started sputtering or hesitating when accelerating say around 40-50 mpg.  I looked at the running engine in the dark and saw the + post of the coil arcing.  I cut a little piece of metal off of the wire terminal and it stopped the sputtering.  Last week it started again.  I looked at it in the dark and the coil was arcing around the + terminal again.  Today I installed a coil I had purchased from Clark's two years ago.  I thought all was fine.  I took it out to run some errands and I didn't think I was gonna get home.  It started bogging down so bad that it took forever to get it up to any speed at all.  1.  It idles fine  2.  Its worse after it is hot  3.  It seems very pedal sensitive if you accel. it starts sputtering.  Once you get it up to speed it will go 70 mph or more.  4.  The distributor looks good with no carbon tracks.  The vacuum advance is moving in relation to the accelerator pedal.
  There is no glowing around the plug wires.  The car was totally restored 5 years ago and has has 5,000 miles on the restore.  I have a pertronix ignition.  Timing was only 4 degrees for some reason but I bumped it up to 12 degrees and it ran better but still sputters on acceleration.  Going uphill is a real challenge.  The car sits inside with usually a full tank of premium gas.  No backfire or pinging.  Just bogging down.  
Thanks in advance.  Ernie in Louisville, KY