Did you check the accuracy of the tab on the timing cover? There are two timing tab/harmonic balancer relationships, one with TDC at about 12:00 and another with TDC at about the 2:00 position. A balancer/timing cover mismatch is not uncommon on engines that have been cobbled together from bits and pieces.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!