Another busy afternoon on the 126 and I think I have found the cause of the running issues.
First check was the points gap and I found this to be miles wide, I reset this to 0.5mm.
Then when stripping off the air inlet pipework into the carb I discovered that the carb was loose on the manifold. It seems that the studs were vibrating loose, so I removed the carb completely and wound the studs back in with a spot of threadlock.
In the spares I got with the car was a carb sevice kit with all the gaskets and also needle jet, main jet and float pivot.
Stripping the carb down I found a lot of crud in the float bowl, and the gauze filter blocked up with what appears to be aluminium corrosion, from the carb. All this was cleaned out as was the bowl and idle, air correction and other passageways.
The new main jet was fitted as was the float pivot (the float was sticking on the old one), and needle jet. Float height and travel were checked and adjusted as per the haynes. The the carb reassembled with the new gaskets fitted.
As I had the rocker box off I checked the tappets and found them all to be tight. I've adjusted them all to 0.25, I might even go to 0.3 on the exhaust valves after I've run it for a bit.
I've also had a play with the timing and adjusted the hesitancy and hopefully the pinking out too.
Idle speed is about 800rpm which I think is fast but still not quick enough to stop the charging warning light to go out. Finally I replaced the dirty in line fuel filter.
On the short test run it seems much happier, so tomorrow I'll stick some engine flush through it before giving it an oil change. Hopefully it will start better now.