OK so I've done a bit to the V8 tonight but yet my problem continues...
I messed around with the timing, turns out it was set to 30 degrees advance so I backed that off and found that if it was set at 12 degrees it ran OK at almost idle (small amount of choke) but still fairly rough above idle, then I backed it off to 9 degrees as I read this was about right some where. Would not idle without 1/4 choke, and without choke idled very low and stalled. However at 9d the spluttering problem improved and the issue moved further up the rev range (4th gear 50mph, 5th gear 65mph) still only in 3rd, 4th and 5th. 1st and 2nd are fine, but it was still present which is annoying. I've left it at 9d as its behavior was generally more predictable, even if I did have to run 1/4 choke the whole time. Seems like the previous owner advanced the timing to make the idle run better - any one heard of this before?
I'm checking compression and fuel pressure tomorrow, but any thought between now and then please let me know!