Hey Andy,
Here is a list of common things that can cause high RPM crap-out:
Water in the Gas,Too hot spark plug range,Broken advance springs in the Distributor( allowing over advance), Too rich a fuel mixture causing carbon build-up and boosting compression
and causing detonation,Weak valve springs (causing lower RPM valve bounce)and remember that pulling 7200 rpm alot will accelerate spring fatigue,improper lash
gap adjustment,vacuum leaks, headgasket leakage between cylinders. bad spark plug wires,coil bad,
crap in the carbs,fuel pump not keeping up with demand.
Well that should give a million things to check
but I would bet that it is somewhere in the timing system.
I just found out that I startet to drop an intake valve seat in cyl # 2. It moved out of place and then wedged back in place crooked causing a complete loss of compression, Thank the
Lord it didn't fall out or I would have lost the whole engine!!! Wheeew!! well back to the drawing board
and deeper into the wallet!
C-Ya Steve