I did however measure the gaps and the 1-4 point is way out of spec, the gap being more than double what it should be. Not sure how this happened as I previously went through and set points gaps and static timing.
A large point gap would reduce the amount of time the points are closed, called dwell. During this time, the coil "charges up", and then discharges when the points open. A very short dwell time would produce a weaker spark, which would get worse as RPM increased.
The 2-3 points seemed to arc more than the 1-4 points?
It looks like the 6mm stud that holds the advancer onto the crankshaft is wobbling? The stud can get bent by turning the engine over by the big "nut" on the end of the advancer, especially with the spark plugs installed, and might cause such a large change in the points gap as well as ignition timing.