That does sound like points. The 76 I used to drive would just suddenly eat points, basically burning a chunk of one side to the other. Once it did it, it ran like crap if even at all. I've also see similar behavior from getting the disti cap wet. Whatever dirt/dust is inside the cap will line up and etch itself into the plastic forming a trace from the contacts to the disti body. I had to learn that one the hard way once, after replaceing everything else of course.
Finally, water in the gas. This can also work in about the same way, like a rev limiter. My wife bought fuel in Tillamook during the flood season once and drove almost 100 miles home doing no better than 30MPH most of the time. A bottle of gas line drier might help, or you can dry pouring in some 99% rubbing alcohol. It is the same basic ingredient as most gas drier additives. I'd avoid anything less than 95% like 70% you usually have around the house. The other 30% is water, which is what you're trying to get rid of.
You can sometimes check for water in the gas by running some into a glass/clear container. Usually draining the fuel filter into a jar works for me. Water and gas don't mix, so if you see two liquids in there you have found your trouble. As I recall water sits like bubbles on the bottom.