Thanks a lot Steve for your input.
I don't think my coil is the culprit as the engine
keeps on running fine even after the engine has
reached its opearating temperature -seems like
140 F in my case. I do have a spare coil, and will
measure the current one's impedance to make sure
it's not the problem still. Right now I suspect the
mechanical fuel pump -it does smell like gas in
my oil- or a bad ignition/timing.
I have replaced the plug wire and spark plugs, and
the engine seems to be putting more horsees out
to the propeller; so it could indicate the source
of the problem. I will try to do a compression test
this week-end as well as replace the points, condenser,
and rotor of the distributor. I'd also like to test
my mechanical fuel pump, but it's quite hard to tell
what's the normal flow it should be giving at a
given RPM. I do have an electrical fuel pump that
I keep as a spare, but would still need to get
a safety oil pressure switch. I wonder if the new
switch can go in place of the oil pressure gauge
and still give proper oil pressure readings? Also
I guess the switch needs somehow to be hooked up
to the ignition switch to turn on the pump once
the power is on. Any comment on this appreciated.

Thanks again for your valuable input Steve. I might
consider upgrading to the goodies you're
mentionning, but I'd first like to know if the
engine has still a lot of life left in it.

Best.