You said the plugs were wet, with fuel I am guessing? Any carbon on the plugs? That and with the fumes, it sounds like the fuel curve is not correct and/or the IGN is not hot enough to fire properly. Just thinking here ...

When running there is a small amount of water coming out that heat tube hole in the intake manifold. If you rev the engine it blows a little more water out of that hole. The water does not smell like antifreeze, actually it has no smell to it that I can tell. The amount is small but I think it is more than just condensation build-up.

As previously stated, water is a by-product of combustion. Is there any exhaust leak noise @ the cross-over tube? Do you live in a humid area?

You stated that she runs better when cold with choke. That indicates a lean mixture (to me) and the smell afterwards (not a heavy fuel smell) also indicates lean. As for the wet plugs, are they the correct heat range and is the IGN SYS actually producing enough volt to fire them? All quality new wires, etc?

That small movement of the gauge hand may indicate (to me) an IGN misfire or a lean misfire.

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In addition to the other suggestions, I'll recommend putting the distributor in a distributor machine and insure all is well within that.  Bent shaft, worn points lobe, excessive end play, or worn bushings are just some of the things to look for.

Lorena, Texas (South of Waco)

Yes.

The easiest and most accurate for a runner engine (IMO) is a piston stop - https://www.wikihow.com/Find-Your-Engine%27s-Top-Dead-Center-(TDC)

What year is the intake (CASTING ID NOS)? FORD began going to the exhaust manifold style choke stove in 59.

And like Ted mentioned, have the DIST checked. Do you know what type breaker plate(s) it has, one or two piece pivot?

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If your engine is running smoothly at 450 rpm, it’s doubtful that the camshaft timing is a problem.
 
Here’s a quick way to double check the cam timing without any tools other than a wrench or breaker bar in which to turn over the engine using the damper bolt..
 

1. Remove a valve cover.
   

2. The spark plugs being removed will allow the engine to be turned over more easily.
   

3. With a straight edge on the #1 or #6 intake and exhaust valve retainers and the valves being closed, insure that the valves are level with each other when they are both closed.  #1 and #6 share the same TDC on the damper so it does not matter which cylinder is used for the following check.
   

4. Rotate the engine so that the #1 or #6 cylinder has both the valves at overlap.  The exhaust valve will be closing and the intake valve will be opening.  With that same straight edge that was used earlier, position the opening and closing of the valves so that the retainers are level once again but this time with both valves open.
   

5. Assuming the damper has not slipped, the TDC mark on the damper should be aligned closely to the pointer.  In a perfect world and on an engine that just had the camshaft degreed in, the damper should be showing 4-6° advanced.  But at this point you’ll be happy with anything close to the TDC mark.
   

6. If you find that the damper is 20+° off from where it should be, then double check that the damper ring has not slipped.  While this holds true for the standard car and pickup/truck dampers, the Thunderbird damper timing marks are on the pulley and cannot slip.
   

Lorena, Texas (South of Waco)

At the end of the above post by Ted is why when I had my damper rebuilt from Damper Dude I filed a TDC notch on the pulley. An easy way to see if it has moved.

56 Vic, B'Ville 200 MPH Club Member, So Cal.

It used to be ... in a GALAXIE far, far away...

There was a HP damper re-builder years ago that after rebuilding the damper would fully index the outer ring to allow easier timing and/or valve adjustments. He would also pin the outer ring to the hub to prevent any future ring movement. But that would reduce some of the balancers purpose I would suppose for a driver.

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Thanks for the info.
First, I'll say that currently, after running the car some more and doing some carb adjustments using a vacuum gauge it is running ok.  Still has a slight miss especially when cold but it seems better when warmed up.  Still there but much less noticeable.  It starts well, runs pretty good at low idle (450-475) in gear, accelerates without any hesitation and has good power - maybe I'm just being really picky now or it needs more break-in time.

I believe the distributor is original (59 Edsel) single plate and it feels tight.  With the current point settings the dwell is pretty steady (26-27) through all engine speeds.  Ignition timing seems to be working correctly also.
I started with Standard Motor ignition stuff - points, condenser, cap, rotor, Autolite 45 plugs, name brand plug wires and a generic 12v internal resistor coil (bypassed external).
After seeing the wet plugs I changed to Blue Streak points (all copper), condenser and coil (external resistor with a new resistor) and Autolite 46 plugs.
Right after the new ignition parts I thought the miss was just as bad but it is much better now.

I'll just run it a bit and see how it goes.

John

After seeing the wet plugs I changed to Blue Streak points (all copper), condenser and coil (external resistor with a new resistor) and Autolite 46 plugs.

AUTOLITE 46 (BF-82) is the correct heat range for that engine. 45 is too cold (BF-42)

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hi all just a quick question about noisey tappets! history first,new motor with all new USA valve train.new cam bearings and cam, new tappets and push rods, and new rocker arms and shafts and new valves and  springs and of course full reco heads, you get the picture.can not get no. 6 to be quiet for very long before adjusting yet again, all the others are behaving themselves.i have had some horrible thoughts about what i may be in for very soon.the engine runs fine on 8 pots under revs and also at idle, it just will not shut up (noisey tappets) any thoughts may help thank you