Thanks for confirming our suspicions about position.
When you say "toothed wheel" I assume you are referring to the Stator with the wide notches, or as they call them "windows", at the top of the shaft below where the rotor sits? If so, I did check it after installing the distributor to see if I could pull the shaft up and down. It was snug, I could feel no play in it at all, and the the timing marks were not wandering.
At this point I think I'm going to disconnect the battery to reset the PCM so it can "relearn" it's calibrations with all these new components.

 

Just wanted to leave a quick update. It's been four weeks and I have not had any issues with my engine not starting or stalling on me.
Many Thanks to all.

 

David40: Thanks for coming back and reporting your results. Same success for me. It seems that our trucks are the missing link in the evolution of electronic ignition. We have a distributor which not only distributes the spark among the cylinders, but also the cam position sensor (stator) inside the distributor to tell the ICM and PCM when piston No. 1 is at TDC on the compression stroke, so that they can time the coil's firing of the spark. Unfortunately, replacing the stator/sensor requires disasembly of the distributor. But once done correctly, everything is great!