Just to bring this thread to a conclusion, I bought Worm's 126 last month - it had been standing outside since the autumn but fired up first time and being the brave/idiotic soul that I am, I drove it the 20 or so miles home during the rush hour on a Friday evening and basically it wouldn't go much above 30 or under any sort of engine load without stuttering/losing power until I backed off the gas and started again.
There didn't seem to be any crap in the fuel lines, points and condensor were new and set up right and the petrol pump seemed OK but it was obviously fuel starvation - anyway, that just left the carb and I suspected a dodgy float. So, I got a reconditioned carb from Poland off eBay (highly recommended - £50 and it's like new), fitted it this weekend and the car is now as sweet as a nut! I'll post a proper update once I've got some other jobs done.