Martin:
My points would start to bounce @5500 RPM with standard Blue Streaks. Was advised to change to hi perf (high spring tension) points. I did so, and have had the '65 L76 to 6700RPM with no float. I won't wind it higher yet as the motor is still tight from a fresh rebuild.
Joe
PS: I agree with Vettehead. It sounds like Mikey has other problems if his rev limit was 3800. You MUST start out with a blueprinted distributor, whether or not you decide to go solid state. In my case, I rebuilt to a little closer than spec. regarding wobble, and installed standard points. The motor STILL was limited to 5500, until I changed out the points. I am confident that I can now rev this engine to the breaking point, before the distributor acts up.