Can I assume new plugs?
Try swapping plugs around keeping the leads on the same cylinders. Old or new plugs then this would show if the problem moves with the plugs.
If the engine is really rich at idle then the plug maybe too wet to spark and cause the timing light to flash. If the dizzy is mechanical points, is there actually a gap? If not enough gap then the lobes on 3 and 4 could be worn a fraction compared to the other two.
There is only one wire from the dizzy and it comes from the coil. A faulty wire here would cause a random misfire or no spark at all. Same with the positive wire to the ballast resistor and then the coil, if it were loose or faulty.
Regards
Rodger
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