Update: Put a vacuum gauge on all the ports of the vacuum switch and found I have NO vacuum from any of the 5 ports. With that said I re-routed the dist. vacuum line to a port that actually had vacuum. Set the timing where it sould be, tested the mechanical and vacuum advance and everything is dead on.
Car now starts, idles and runs great. However, it does still break up at about 4800 rpm. One of the guys helping me said he is 100% sure that it is the Petronix as he has a 68 GTO (original owner), recently installed the Pertronix unit and had the exact same problem. Went back to points and car is fine. My next step is to intall a set of points and see if it eliminates the problem.
Also installed the new bumper and grills today from NPD. Excellent fit and look great. Very happy with them, I'll post some pics tomorrow as it got to dark and then we went to Old Town for the cruise night. We arrived and ten minutes later it poured like crazy. Oh well, it was a nice ride and a good chance to see how she ran with timing set right and vacuum advance etc.