It was a condenser. Bad right out of the box. I started changing points and condensers in 1970. In that amount of time, this is exactly my second bad condenser. Both of them in the last five years or so.
I learned a lot about testing distributors, coils, etc. In the end when there is nothing else left to check, the condenser is the only thing left. I got a known good one out of my parts pile and varoom!
Live and learn!