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I have a 302 with a 2150 carb on it, rebuilt, no EGR hooked up or anything.
I put a timing light on it after i timed it where i thought it should be, and the mark on the balancer was about 4'' to the right of the timing peg on the block. i put it where it was dead on timed and it ran like ****, backfired and died.
Possibly the wrong balancer has been put on the engine, or possibly the outer ring has shifted on the rubber ring that holds it to the inner part, although it would be surprising if it slipped this much.
When you timed it where you thought it should be, did it run properly?
Does your timing light have an adjustable feature to it? If so, this could be faulty.
Where i thought it should be adjusted was where it ran smoothest. I have my points gapped at .020 and my plugs at .035. It ran great, and didnt backfire at all.
And my timing light is not adjustable.
I will check how much a new balancer is tomorrow. That had crossed my mind.
I wouldn't worry about it. Put it where it runs good and drive it. Why spend the money and take the time to replace when the end result will be the same?