It was the distributor! I’m happy with my 051 for now, and I’m planning to keep it because it’s in really great shape - the car only has 14,800 original miles and although it was sitting for over 25 years, it’s in incredible shape and almost all of the original parts have been very nicely preserved and “easily” serviceable.
Today I disassembled the entire inner workings of the distributor and found that the plates/weights inside were, simply put, sticky. I cleaned all the parts and greased what needed to be greased and that made an absolutely massive improvement. Idle will bounce from 800 to 1000 RPM, but after about 1100 RPM it’s unbelievably smooth - beautiful sound, not a single stutter, and zero vibrations!
Now I’ll chase down the idle issue, fix my water leak, and replace the tires from 1969… and then perhaps we’ll have the first real drive since the late 1990’s!