Update: Pulled the Pertronix II out today and installed a set of points. The breaking up at high revs still exists. The mechanic friend that I have made here is an oldtime Pontiac guy who knows his stuff. After the points were installed he went and got his book and we looked up the carb numbers that I have on the car.

As it turns out, my Q-jet is for a 74 Pontiac. So, with that info he feels that it is not set up correctly due to the smog area and most likely has the wrong metering rods/jets etc. So, now the carb comes off and gets a rebuild with the correct parts to match my engine. Hoping this may very well be the issue...