It's possible for the outer casting of the balancer to slip around on the rubber ring it's mounted with and the timing mark can get WAY off. Try turning the engine by hand until the mark lines up with the indicator on the timing cover, and see which spark plug tower the distributor rotor is pointed toward. Then use a piece of soft copper wire to probe into the #1 spark plug hole to find when the piston comes to the top (also while hand-turning), and see if the timing marks align. It sounds like you need a new balancer.
Jerry

Last edited by Hotrod Lincoln; 12/27/2014 6:47 AM.
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