Have you tried misting the leads
Reason I asked about the points was that Mallory had high output dual point system for old hot rods so did know if you were dealing with new or old hot rod technology. If you think that the leads are the culprit try misting the leads with water, sprits bottle, to see if you start getting arching at low speed you should be able to hear it or even see it. Then increase the RPMs and see if the ignition breaks down sooner or worse. This would be indicative of course of arcing I have had a problem with old ignition leads just plain being very leaky even as NOS right out of the box. I’ve been using new solid wire vs. resistor ignition leads.
Of course you can use the alternative method of checking the ignition leads. Get some suspecting persons to run their hand over the wires as you listen for the problem.
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