Open. But you've now determined that the timing is at least very close to correct. So don't worry whether the points are open or closed. Good that you tightened the loose stuff. Could've affected the ability of the advance. And you determined that the distributor moves when you wing the throttle. Good. Now what? I have no fukn idea...lol. Just kiddin' again. Did you check the accelerator pump? Look down the carb while you move the throttle. See a good squirt/spray as soon as the throttle moves? Or is it weak? Do you have a timing light? If so, we can take the time to set your timing accurately. But I doubt that's necessary right now. You can replace the condensor and points and re-gap them just to cover our asses if you want. Then test run again. If you do a test drive however, first take a look at the "loose brake pedal" you mentioned to me in the PM...to make sure it's not gonna fall apart. After you've attended to these couple of things, I think maybe we should move on to the valves.