The erratic spark timing could be caused by the distributor drive-gear end float being too great. That's worth checking, as it could affect oil pressure, too. There is a procedure for checking this in the shop manual (p. 1-130)
If the distributor drive gear is a tooth off from the factory-specified position, it won't affect timing unless you can't rotate the distributor enough to get the right timing.
In my experience, the fuel filter will almost always have a bubble in it. It is of no consequence unless it is so bad that fuel can't get through, and it has to be really bad for that to happen. Fuel these days bubbles like ginger ale in the lines, and unless it is really severe, it won't hurt anything.