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is the rear derailleur a 4 speed for 1/8" chain or 3/32", and what width chain are you using?
Getting the derailleur in the correct position 'at rest' is critical, as well as making sure it is aligned and not bent.
http://veterancycleclublibrary.org.uk/ncl/pics/Simplex%20Tour%20de%20France%20notes%20(V-CC%20Library).pdf
or do as I do, and accept 3 speeds is all you are going to get out of a 4 speed 1/8" rear derailleur.
Big_Block
Rear 4 speed TDF.
The hubs are campagnolo first generation or second at the moment with a 5 speed Regina hub.