Hey Kathy..
You did do a "Cylinder Drop Test" by pulling the plug wires..
It ran on the top cyl, but not on the bottom..
That alone says there is an ignition issue with the bottom cylinder, which you are investigating.. (plug wire, connector, coil etc... )
I guess folks (myself included) pointing you to coils first is because in engines that old, if they weren't replaced and are factory coils, then they are bad... (more than likely.. lol)
However...
SteveVT does make a good point.. A spark test would tell the story.. It would confirm if that cylinder is firing or not..
I could be wrong, but a "Drop Test" as you've done by pulling plug wires off the spark plugs and it runs or dies is indicator #1..
Then it becomes, "Ok, WHY does it stay running and therefore not fire" on that plug wire you pulled off. (to paraphrase.. )
There, it could be plug wire, coil, points, condensers etc... That's where the troubleshooting comes in...
Coils are a common issue in an engine the age you have.. (if never replaced..)
You've identified corrosion on the plug wire, and some other things, so as newbie myself, I do believe you are on the right track already...
I'd be willing to bet a spark gap test would also show that the bottom cylinder has weak or no spark at this point..
The spark gap test shows if the ignition system is capable of providing spark across the small gap of the spark plug..
It does this by expanding the gap to say 3/8 inch in open air, under no compression by pistons at all..
If spark can jump that gap in open air, with no compression by the cylinder, and it's a bright blue spark with a crisp "SNAP", then it can jump the .030 gap when under compression in the cylinder.
Compression affects how the spark will work..
If the spark gap test fails (spark is orange, or no crisp "SNAP"), then you troubleshoot the ignition system to find out why you aren't getting appropriate spark as tested..
All specs I stated above are just generalized, and I in no way mean they are applicable to your engine..
Truth is, I don't know the open air spark gap needed to test your particular engine..
Just the theory behind it.. lol
All in all, I still think you're on the right track already, but just hoping that helps clarify what a "Spark Gap Test" does... (As I understand it... )
For what it's worth..
