Hi All
Thanks for all the responses I now have new areas to trouble shoot.
It is definitely a nanosecond miss. No backfire and no spit so I really think it is ignition. I suspect the problem has been with the car for some time. Although the PO said he never experienced it I first felt it on the drive back from the auction!
The bills for the previous 12 months are: Spark plugs, coil, Ht leads, fuel pump, cap, points and condenser for old dizzy and finally a 123. Looks like someone was fault finding a miss?

I will fiddle with timing and try advance curve 5 and report back. However, I like AndyT72’s suggestion of a rogue regulator, just the sort of thing that would be impossible to find unless one was in the know.
Cheers