Fj60 Fuel issues??

[RedRover]

I have a 87 FJ60
While driving it will suddenly lose all power, chug, and sometimes backfire.
This usually is accompanied by a surging - kind of like if you pump the gas real fast while driving down the road.
When this happens it will pretty much die down to where i just try to get on the shoulder - sometimes if i shut it down and wait a couple minutes it will help - a little
I cant make it happen, it does it at random times - but it always does it eventually, and is getting progressively worse.
It will sit and idle all day, but its getting so that im afraid to drive it.
Ive checked the timing and its ok.
New fuel pump didnt fix it.
It seems to me like its running out of fuel, or possibly something in the distributor is moving around?
Please help - im ready to pull out what little hair I have left