these are tough, but the cutting out and missing in wet weather does sound ignition related. The steaming with the radiator cool sounds like the engine was not properly filled, which leaves a big air pocket in the block.
As far as that distributor, a good electronic setup is an upgrade to a stock points system, but the stock systems work fine when everything is correct. You might try swapping the condenser, I had a bad one that gave intermittent issues for quite a while before I figured it out.
Jody
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