Is this the 305 V-6? Has it been rebuilt yet? It sounds like a stretched timing chain. It is causing some of the valves to not close completely before the plug fires, and may also mess with the lack of compression. Remove the distributor cap and manually turn the crank, to see how much delay [if any] there is before the rotor starts to turn. This will determine how much play is in the timing chain.

Also if we put too much gas into it, and flood the motor, we wash all the oil from the between the cylinder walls and piston rings. This causes poor or no compression, that is needed to get it to fire. Pull the dipstick and see if you can small fuel on it. If so, change the oil and filter and try again.

1965 Olds F85 wagon
1969 Olds Cutlass
1965 Falcon Van
1969 El Camino
1972 GMC 3/4T
1972 K5 Blazer
1971 C10
1976 Suburban
1978 Suburban
1930 F**d AA Stake
1989 CK3500 2WD
2000 CK3500 4WD
1953 GMC 3100

1] *Note* All drawings are subject to engineering changes at any given time without notice of: barometric pressure, wind patterns, caffiene, or written authorization of the female.
2] Cash for Clunkers: You can have my truck, after it has turned into a pile of rust in the driveway.