I cannot say enough how good it is to have my cub running again. Thanks again to everyone who helped in any way whatsoever!
I had intended to pull it in the garage back in January to do a little sprucing up on it. Well it turned out that it got some attention for sure, but not what I expected! Last year I had adjusted the valves, and that helped a bunch, because it just ran like it was tired until I adjusted them. But, just to be sure, I checked them again recently. When I removed the manifold, I found that I had not tightened the manifold bolts tight enough, and it was barely getting enough vacuum to make the carburetor updraft. So, that got corrected.
Then, after observing a weak and intermittent spark, and discovering the magneto was saturated with oil inside, I cleaned out the excess oil, and replaced the external coil, points and condenser, rotor, distributor cap, plug wires and spark plugs. Now it has a good hot spark just as it should! 5 years ago I had replaced a lot of that stuff with poor quality stuff, and I've learned that the cheap stuff is just that, CHEAP! My advice to anyone is, go ahead and buy the good stuff! You'll probably only have to buy it once.
Also, the rubber fuel line and original fuel strainer got replaced with a new strainer and metal fuel line. I also bought new rubber hoses for the air intake and replaced the carburetor gasket and used Indian Head Shellac on it. Now, the cub runs better than it ever has.
And today my magneto puller tool arrived from Earl, so when I get the money to buy up the rest of the magneto parts, I'll finish rebuilding it, and be putting it back on a fully functioning magneto.
I'm just documenting all this for myself, and anyone else who is struggling with a sick or poorly maintained cub. I've got a long way to go, but at least with it running, I know it will eventually get back to what I want it to be!