Replaced the wire. Still doing the same thing. *rage*

When it's bogging down and farting around I sometimes can smell fuel. And it sometimes does small backfires. I've checked the accelerator pump and it's working fine. So I'm not sure it's fuel?

Just check to make sure the distributer mechanical advance mechanism is not seized up.
Use your timing light with vac advance disconnected and note ignition timing at idle and while watching the timing position raise engine revs to about 2500 to 3000 RPM.
You should notice the ignition timing advance, if not it is seized up.

Mechanical advance seems to be working fine. I have it set at around 10 degrees static and it advances up under rpm. So frustrating !

Check for wear in the dizzy shaft, I had the same sort of problem and that turned out to be the cause.

Could be a long shot. ..Check cam timing as this happened to me on a pinto when the belt jumped a tooth.
A quick check with the tappet cover off and set it at TDC(firing stroke) the lobes should be rocking. 1600s hardly slip a tooth but is process of elimination.
Something else to check is cr@p in the carby blocking fuel jets etc .

We feel ur frustration. .... More so with nye hangovers 😵

mwg88
hey guys.. need some advice if anyone is able to help?
i have a 76 mk2 1600 auto and have been having some issues with losing power / bogging down under load.
if I'm driving up an incline / hill or getting onto the highway / need power to overtake on the highway, the engine
power just decreases, and regardless of accelerator position it just loses power and speed, eventually will cough
and
splutter, seemingly a few minutes later the issue is gone and i have power again.....

 
That sounds fuel related. The carby starves of fuel under load to the point where it finally coughs & splutters, as you say, then a few minutes later, of little or no load I'm guessing, the carby bowl has had time to fill back up and away you go.
 
If you have a fuel filter installed, and you should, then I'd start with replacing it with a new one. If you can, get one which allows you to see the level of fuel in it, then if it still coughs & splutters when under load, turn off the motor immediately and check the level in the fuel filter. If it's low or empty, then fuel supply will be your problem and you may need to look at the pump, as well as check that the pick-up in the tank is not blocked.
 
My 2¢ worth.

Hmm good points! The fuel filter is new and I can see the level. I'll take it for a drive this afternoon and check the filter when it plays up.

I'm not allllll that well versed in carbies. Is it likely to be dangerous for me to pull it apart and look? In the sense of will things fall out I don't know how to put back together? Ha

Have you replaced the condenser?
I had a similar issue years ago & that's what it turned out to be.
 

I'm not completely certain if the condenser was done actually... I'll replace it and see. Opened the carby up today, replaced the needle and seat. Cleaned it all. Still have the problem.

Distributor Base Plate.  These wear, and flex under load, very common problem with the Autolite and Lucas dizzys on the kent motors.  Hunt around for a Bosch.  I had exactly your problem years ago and thats what it was