replace the cap/rotor. if the headers are glowing you have a problem with either a clogged cat converter or your timing is really really off. was the distributor pulled at some point?
get the motor to TDC and pop the dizzy cap off and see where the rotor is pointing. it should be close to #1 on the dizzy cap. it may also be possible that if the dizzy had been pulled that it was put back in 180* off.
-- FOR SALE
94 Bronco XLT 357/E4OD/Warn HS9500I,6"ProComp Stage II 35x12.5x15 BFG AT's,4.88 gears/AussieFront/rear open,Edelbrock efi intake,jba headers
2007 xlt F250 CC 6.0 stock, 33 ToyoMT