Thank you for your reply and diagnosis. I did read the link provided on Hot Spark problems. I did not have a chance to run the Fiat and put a volt meter on it. I will as soon as I can.
On Saturday I wrapped my exhaust and took the little Fiat out for a run. It idled perfectly for about 20 minutes with the engine hood open. The carb and coil felt relatively cool. I decided to tempt fate and take it for a spin. About 10 minutes into the ride it began to lose power when pulling away from a stop sign and later at a stop light. Just felt like it was about to stall and wasn't pulling at low rpm. Once moving it ran and shifted normally. 5 minutes later it would not pull up my (steep) driveway.
The hood was hot tot the touch. The coil and carb were extremely hot. Withing another 5 minutes the car would crank but would not turn over. I noticed the fuel seem to drain from the filter.
Could this be a failing ignition? It seems to me to be fuel related like vapor lock. It is basically every time I start and try to restart. I would think that if the Hot Spark was the culprit, it would quit and not restart, even when cool. If you are still strongly believing it is the ignition, would you recommend I shift back to points and condenser, get a new HotSpark or a 123?