It would take a few seconds with an ignition oscilloscope to see what's going on, but I'm guessing you don't have access to one.
While worn distributor bushings are not a good thing, I DOUBT they are causing the problem you are seeing.
I would suspect a fuel issue, or possibly a "thermal" coil or condenser.
As a "down and dirty" test to see if the shaft play is causing your problem, you could try increasing the point gap a few thousandths, then decreasing it a few thousandths. If one way or the other makes it run better, that would tend to point to lots of shaft movement and when the housing warms up and expands a bit, along with the wobble, the changed point gap gets out of the range in which the points will close, then open up to create a spark.
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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