I tried a little starting fluid.
I ran 12 volts directly to the HEI from the battery... no go.
I am suspecting the engine module on the HEI, under the rotor.
My plan right now is to take it off and have it checked at the parts store.
A pal of mine said he had a similar issue with a gm hei on a v8, where he had spark, but it would not run. He had some wiring issues going to the engine module.
My dad had a similar issue in a 1991 chevy truck he had one time, the engine module just went 'poof' and when it did it melted a lot of other stuff.
If that is not the issue, then I am really at a loss as to what it might be at this point.
Thanks folks,
-W