Howdy Kyle:
And Welcome to The Forum. Yes, it is that good.
I'd sure like to know more about your wife's Fairlane. '63 could be a 144 or a 170. Is it an automatic? Most Failanes were. If so, the 2 speed autos behind either a 144 or 170 were pretty doggy. The best bet is to make sure it's ignition is sound; that the vacuum diaphragm on the distributor is working, that there are no vacuum leaks between the carb and the vacuum diaphram, or shorts any where in the ignition. If I were in your shoes, I'd get the stock distributor working top notch before I made any other changes. Once you are sure the ignition is working it's best then I'd turn to the carb.
Do you know how long it has been since the carb has be been freshened? IF it's been awhile a carb rebuild and kit may be in order- including a good cleaning. Assuming that the engine is in good shape topping out the ignition and carb will go a long ways to getting a good reliable runner.
Did the rebuilt carb improve the way the engine ran? What was wrong with the original carb?
Once the carb and ignition are working as designed, it is time to assess the engine and study options. Being that it is an early block you will be limited as to what you can do to improve the ignition. But, you could start by increasing the initial advance setting to 5 degrees more than stock specs call for.
Early Fairlanes and Mercs had an automatic choke on the carb. Does your wife's? Did the Tomco?
before you spend any money on upgrades get the engine running well and assess from there. Plan with a budget and goal in mind.
Keep it coming and good luck.
Adios, David