1962 c10 235 lack of power

[C10 wally]

I recently got my c10 on the road after 3+ years of ‘rebuilding’ it (mostly cutting/welding rust out. .

I expected it to not be a tire roasting fire breathing speed machine.
But it just lacks power.
*In second gear at about 35-45mph (speedo bounces) I can have it floored up a hill and gain zero speed.
I expected it to be similar to a jeep cj with 4.2 engine i had. Way less power.
This was my grandads truck.

It’s original engine, trans, etc. 63k miles on odometer.

So… it idles well, and compression is ok’ish at about 110 psi.
(I haven’t really checked compression since before first got it turning/running)

Coil, plugs, wires, points etc are new. New vac advance.
It has original intake and split Williams exhaust, original exhaust manifold was shot.

It smoked a lot until I got it real good and hot by driving it a good solid 30 miles.

Plugs always looked oily to me… or could be way too rich. But that got better when I lowered float level a tick.

Original Rochester b.
Timing set by most manifold vacuum then retarded a twitch. Ended up at about the third has mark from ball/circle.

What should I check next? Leak down test?
Or is a very underwhelming amount of power normal?