Andrew,
Oh dear, your car certainly seems to be giving you the run around!
As Duffy's Dad suggests, best to only change one thing at a time.
To answer some of your latest questions :-
There's a difference between the engine flooding and the carb. flooding.
If there's no spark, the engine gets flooded with unburnt fuel.
If the carb. floods, it means that the float valve is not shutting off the fuel when the fuel level in the float chamber is at the correct level to supply fuel through the jets. If this happens, the engine might still continue to run but very lumpily and emit black smoke from the exhaust and then cut out. Often there's a smell of fuel from the engine bay and exhaust. Also if the carb is flooding, there might be signs of fuel leaking down the carb. body below the gasket under the carb. top cover and also in the drip tray under the carb. and out any drain pipe (if fitted) to the drip tray. (this drip tray may be part of the plastic? spacer/insulator block iirc).
If the engine floods, it will dry out in time by itself. Alternatively, remove the spark plugs, spin the engine over, dry and refit the plugs.
I think it important at this stage to ascertain if you have an ignition problem, a fuel problem, or both.
I'd start with the ignition system. If you pull the ht lead from the coil to the distributor cap and position the distributor cap end of the lead about 1/4inch (6mm) from an engine earth point (e.g. cylinder head), spin the engine on the starter, you should get a strong spark at regular intervals. I suspect that you might have a faulty plug lead. You could try swapping over the plug leads (if they are long enough) and see if the non-sparking switches to the other cylinder. If they are suppressed leads, I'd be especially wary and prefer to change them if they're old.
Another trick to check plug leads etc. is to spin the engine over or if possible start and run the engine in complete darkness - what you'll be watching for is stray sparks/blue flashes which indicate the ht voltage is jumping to earth instead of firing the plugs. There shouldn't be any blue flashes if everything is ok.
If the problem of non-sparking is confined to one cylinder - you can rule out points, condenser, coil and low tension circuit. Instead, concentrate on plugs, plug leads (but not coil ht lead) and possibly distributor cap.
Low compression pressure on 1 cylinder can result in a misfire or indeed no firing on that cylinder but as your engine sometimes runs ok, I think you can rule this out , unless you've recently adjusted the valve clearances (tappets) too tightly.
Distributor cap clips too loose? The cap should ideally be held firmly in place by the clips. Often there's a locating notch on the distributor body that the cap engages with to resist moving. I don't think that a loose cap is the cause of your problems, but do carefully check the cap inside and outside including inside the ht cable sockets, for signs of 'tracking' - fine spidery lines of carbon caused by the ht voltage shorting to earth inside of firing the plug. If cleaning the cap, don't scratch the surfaces as this can promote 'tracking' as can dirt build-up.
As regards the air bubbles in the fuel line, many on here have reported the same occurance but while it's undesirable, they don't seem to adversly affect engine running. I'd make sure there's no points where air could be drawn in.
Fuel pump? I don't have any info on checking/setting the pump stroke so I can't advise on this. I'm sure others on here could help if required. My approach would be to run an independent fuel supply (as I detailed in an earlier post) if I had any doubts about the adequacy of the fuel supply or pump pressure.
Don't give up, I'm sure you'll soon figure out what the problem is.
AL.