The disty position may be a tooth off.

At 20 degrees on the flywheel (or flexplate i guess) the rotor points towards #1 (towards the MC) but at 0, it sits the complete opposite way towards #2.

 

 

I've driven the car like this since I've had it, wouldnt it be pretty thrashed if it were THAT much off?

 

Don't forget that every 360 degrees you turn the crankshaft the distributor only turns 180 degrees.. in other words, every cylinder wire on the distributor has one point on the crankshaft where it will be aligned, but every spot on the crankshaft where it lines up with a cylinder will correspond to two different points in rotor rotation.

 

Its surprising how well an engine can run sometimes with the wires all jiggered.. My brother told me I had to run high test because the thing pinged badly on low test, and I remember a great deal of difficulty getting the timing all squared away when we put timing belts on the thing; lo and behold, when I did my headgasket and tore all that apart and rebuilt it per FSM spec, I put it back together and my spark plug wires fit the engine bay well. The distributor was adjusted towards the opposite extreme from how it was, and guess what? I can cheap out on fuel and get 87 instead of 93, woohoo!