perplexing engine problem, need help

This may be kind of long but it has at least 4 people scratching thier heads trying to figure it out, so I thought I would ask people in this forum.

about a month ago I got some bad gas that had water in it, or someone put something in my tank, dont know. The engine ran strong before that time. The problem was that it sputters and dies at low RPMs sounds like its bogging out.

I first adjusted the carb and even switched them to see if it was a carb issues but the same results, changed all the fuel filters with same results, changed plugs / cap / rotor / and put in XR-i points module same results. I found that when pulling the plugs out, ALL of the plugs had oil on them crom the seat to the end of the threads with a a little dried / burned on the outside edge. I checked leaks outside and the engine is clean.

I am not getting smoke out the pipes, the oil level is not low, and there is no oil in the water. I have not done a compression test yet (dont have the compression guage). There is less than 2K on the whole engine and less than 500 miles on the heads.

Any thoughts before I rip it out and stuff some dynomite in the intake!!

Yes Pressure is constant, and I did a full flush of tank and lines after the gas problem. Verified it was running clean. I could understand one or two plugs getting oily if I had ring failure or valve guide problems, but all 8.....

got a compression guage from friend at work so I will try that, and will check vacuum / leaks. I did not change distributor, I dont have a spare of any kind or anyone close that would have a ford distrib to borrow.... Will check around to see if I can find someone to borrow from. I think the pressure test will tell me if I have a bigger problem on my hands