I'm going to have to say that, unless it has bad gas, that the problem is spark related. That being the case, the orange looking arc says a lot. The question is, is the arc orange on all plugs, or just one of them? You can eliminate more components by moving further up the spark trail. Use the screwdriver technique I mentioned above on the plug wire coming from the coil, just unplug it from the distributor. If you are getting an orange spark from the end of the coil wire to ground the, at least you know that the cap/button/plugs wires/plugs are probably OK. Then the remaining suspects are the coil/igniter and the points and condenser. I'm not actually sure if the '85 modal 22RE even has points and condenser.
Another thought that just popped in my head, since the cap and button were recently replaced, if you haven't already, make sure there is no water or other trash in the cap.
