[RichardJ]

melted wires, smoking wires and what the hell did a bush fix entail?

You didn't specify so I assume it still has a points ignition. it sounds like the wire you ripped out was the original ballast resistor wire, which would explain the need for the MSD ballast resistor.
Running without the resistor would burn the points or at least cause severe pitting. Replace points and check dwell and timing.

Looking at other areas (carb) and throwing parts at an unknown problem will send you in the wrong direction. Work one problem at a time.