Now I know It might be fair to accuse me of a "cop-out" but I have decided to not try and get this running on the current dizzy (which has no vacuum advance system). Reading a few internet forum things leads me to the conclusion the current dizzy is intended for mad-boy racers who want to tear around in a screaming hurry with the revs constantly up through the roof like they are on a permanent "track-day". Well, that's not me.
So, I am going to buy a Lucas 65DM4 Dizzy (has vac advance) and supports 1 Ohm high power coils (means you can have a 35 thou' plug gap if you want to). So I will order one today and restart the "fixing" when it arrives. I don't really want to be grovelling around on the floor too often doing all this at my age.
My reasoning is that I could spend a lot of time bringing the timing back into line so it "basically runs" only to find that without the vac-advance the experience is a really grim one.
A complete new Dizzy + cap etc. etc. is c.£80 so it isn't a huge outlay to bring the thing back towards "standard".
BTW I noticed a light coating of mayo inside the rockerbox cover, but that is most likely to be because it hasn't been run for any extended period of time in order to get up to a proper temperature in there for some while.
Please bear with me while I regroup.