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I have run across something that I have never come across and only left to speculate as to what may be going on.
I have done a complete tear down, machining and reassembly of the 460, worked out the starting problems in a previous thread. The truck runs but at approximately 60 degrees TDC. The motor starts right up with a fairly smooth idle as I have rotated the distributor to sound. I step on the peddle and there is no backfire, hesitation, knocking or the likes. The Harmonic balancer is brand new so it cannot be spun, maybe incorrectly assembled by manufacture.
I have a Summit 850306 -1 Ready-to-Run Distributor with a 21 Degree advance bushing installed, Edelbrock 2167 Performer-Plus Cam and a 7830 timing chain. I installed the chain with the 0 degree marks lined to each other.
The only thing I can think of that could be causing such a drastic reading is the Distributor being off by a tooth. On the other hand I feel even if the drive gear was installed off by one tooth, by turning the distributor wouldn’t it still compensate for this and read towards the 12 degree reading I am shooting for?
Yes, the distributor being off by a tooth wouldn't cause this: I think what's going on is more likely that your timing marks/pointer are incorrect. Did you verify that it actually reads 0 at cylinder 1 TDC?