Sounds like you balancer has slipped the outer ring. To be sure you are on number 1 compression stroke, pull the valve cover and watch the rocker arms on number one. When both are closed and the piston is at the top, check the timing mark. If you can get a piston stop, that works even better. With the piston stop, you don't have to be on compression to check the timing mark, just rotate the engine by hand till it hits the stop, mark the balancer, then rotate 360 degrees the other way till you hit the stop again. Now split the difference between the two marks and that is true top dead center. You can remark your balancer or replace it. If the outer ring has slipped, it best to replace it before it works it way off the engine. Mine slipped toward the timing cover and started rubbing.
For the time being, just set the timing where the engine starts and runs OK. If it works and you are happy with the performance, then its just a balancer problem, but if you can't make it run or start, then something else is wrong.
Joe
