Hi Jeff. Welcome aboard and what you have there is known as a Fisherman. Is this a two or four cylinder motor as the 5.4 horse Zephyr in 1940 was a four cylinder? If Garry sees this, he will be able to provide needed information.
One thing I’m sure of, the fuel mix should be 16:1 or maybe even richer. and the points will be gapped at .020″.