Effect of failing/failed condensor?

[fatcatvera]

I'm having an issue with my Ruby engine running - it has become rev limited. Though the car is completely driveable as it is I can no longer acheive higher engine speeds (cannot state rpm as no rev counter!). It doesn't seem to be fuel related as the carb and fuel syetm is spotlessly clean, nor the rest of the ignition system and I've also tried a few coils without resolving the problem, so I'm suspecting the devils own confusing thing that is known as the condensor....can a failed/failing condensor cause these symptoms? I've had a go at removing the condensor completely, but this causes very difficult starting and extremeley poor running.

The other alternative is that I'm hitting the limit of valve bounce, but it 'feels' like I should be well below that threshold.

Thanks

Ray